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BOMA sat down with CMLS Financial’s FRANCA CERQUETI (VP and Managing Director)
and ANDREW GIRDNER (Assistant VP, Real Estate Finance), to talk about investment
activity in Winnipeg’s commercial real estate market.

Which asset classes were the major drivers
for the debt market this year?

AG: Trades of shovel-ready land and agricultural land planned for future say that we’ve seen several new
development were a big driver this year. We are aware of approximately 250 national users take an interest in
acres of shovel-ready land coming available around CentrePort Canada Winnipeg as a distribution hub
Way and were involved in several acquisition and land servicing transactions in over the past year or so.
that area. The south east side of Winnipeg and the RM of Macdonald was also a
busy area primarily with new industrial lots planned or under development. Any big surprises

Construction activity remains steady throughout the city, particularly for from the pension funds, REITs
apartments and flex-industrial space. There is over 200,000 sq. ft. of new and institutional investors?
apartment space coming to market within the next year, and we continue to
receive proposals for new projects. With rents continuing to drive upward,
low long-term rates available through CMHC-insured financing and steady AG: There has been a trend
demand in the marketplace, this continues to be an attractive area for amongst several REITs to re-trench
investment.
in the largest Canadian cities,
Industrial is another bright spot with both local and national users driving demand mainly Toronto and Vancouver,
for newer product. For the right user and lease terms, the debt financing available and trim their holdings in markets
is quite attractive from our institutional investment funds and I’m pleased to

62 Manitoba 2019 Commercial Building Directory