Avison Young in Winnipeg
Avison Young’s story in Winnipeg began with a strategic alliance with property management services firm NewWest Enterprise in September 2004. Today, the partnership expands the companies’ abilities to capitalize on opportunities in the Canadian market and offers new and existing clients a range of real estate services, including investment sales, leasing, advisory, financial and property management. Since the formation of the partnership, Avison Young’s Winnipeg brokers have negotiated several large transactions in all asset categories while working with different companies across Canada and the United States, forging strong relationships with other Avison Young offices at the same time.
Strategically located near the geographic centre of North America, Winnipeg is known for its brisk winters, spectacular summers and resilient economy.
The city’s economic strengths range from finance, manufacturing and transportation to food production, retail and tourism. Winnipeg is also home to the Royal Canadian Mint, which produces currency for numerous countries around the world, and the Canadian Museum of Human Rights – the first national museum created in Canada since 1967 and the first to be located outside Ottawa. This incredible diversity enabled the city to emerge relatively unscathed from the recent global economic turmoil.
Serving as the capital of the central Canadian province of Manitoba, Winnipeg offers numerous competitive advantages that make it an ideal place to do business. Consulting firm KPMG has recognized Winnipeg as one of the least expensive cities in Canada in which to conduct business. The city boasts one of the lowest annual unemployment rates in the country and a growing population base. With these ideal economic conditions, the demand for commercial real estate in Winnipeg has greatly increased in recent years. As a result, Winnipeg is in the midst of one of the largest building booms in its history as hundreds of millions of dollars’ worth of investment pours into the downtown core.
Quality commercial properties and stable income streams have attracted investors – from both Canada and abroad – who have clearly set their sights on Winnipeg’s commercial property market.
Winnipeg’s office vacancy rate continues to achieve record lows. The city’s downtown office market caters to both large users and smaller independent companies. Winnipeg boasts more than 18.5 million square feet of rentable space in both the downtown and suburban office sectors.
Confident consumers and a healthy economy have combined to make Winnipeg’s retail segment the best performer in the city’s commercial real estate market during the past five years. Across the board, vacancies in malls and power centres to restaurants and storefronts continue to decline steadily. With over 1 million square feet of mixed use inventory being added in 2017 and another million in 2018, investors and consumers alike are highly anticipating the exciting growth that will be changing the face of Winnipeg’s retail market.
Winnipeg boasts 80 million square feet of industrial property and land available for industrial development. This available land is attracting investors from across Canada and around the world. Due to an influx of private investors, the city’s industrial market has enjoyed extremely low vacancy rates for the past decade.