Page 66 - BOMA_2018_BuildingDirectory

TOM DERRETT, Vice President of Brokerage Services and Industrial for Colliers
International in Winnipeg. He is also a regular panelist for BOMA’s annual State of the
Industry Luncheon.

What were some of the Where were industrial vacancy
noteworthy industrial sector deals rates at in 2017? Any predictions for 2018?
done in 2017?

TD: 2017 would have started just north of 4% and will end under
TD: There were a number of noteworthy deals, with that amount.
some of the biggest ones being: One reason is that there has been significant absorption in

• QuadReal Property Group leased approximately our industrial market given the demand being fuelled largely
44,000 sq. ft. at 15 Scurfield to Gordon Food by e-commerce and the need for the latest in logistics/
Services distribution/warehouse facilities serving the Manitoba,
Saskatchewan and northwestern Ontario region.
• Wallace and Carey expanded their Winnipeg
operations at 20 Bentall Street from 10,000 sq. ft.
to 23,000 sq. ft. Where do you see market rents
going in 2018?
• Rosenau Transport leased approx. 142,000 sq. ft.
at 1000 King Edward, the old Canada Safeway
warehouse located in the CentrePort footprint TD: The economic law of supply and demand should dictate that
rates will continue to move upward given limited supply.
• 89 Bunting (a 66,000 sq. ft. user building) was
sold to a local developer who plans on Further, with continually increasing costs associated with new
redeveloping the property from a manufacturing construction it will drive the rents on new build projects. Rents
facility to a more modern distribution center on new buildings are proof that “a rising tide floats all boats” and
this is true of Winnipeg’s industrial market at the moment.

66 Manitoba 2018 Commercial Building Directory