Page 64 - BOMA_2019BuildingDirectory

like Winnipeg. This has freed up What are the drivers of buying and selling
opportunities for local investment investment class properties in Winnipeg? What are buyers
groups to purchase attractive assets looking for today, and how has this changed?
in high-traffic locations.
However there are several
institutional players showing their FC & AG: Many of the sales we’ve seen this year were driven by strategic
confidence in Winnipeg, such reasons from the seller’s perspective. We’ve referenced the REITs trimming their
as QuadReal’s 175,000 sq. ft. holdings in smaller centers above, which would mostly impact retail and office
industrial project underway in assets. In the Industrial space, several sales were driven by a sale and lease-back
northwest Winnipeg, Starlight strategy. When this occurs to facilitate raising growth capital for the underlying
Investment’s redevelopment plan business, it’s a good news story for all parties involved. Apart from these areas,
for Portage Place, Artis REIT’s 300 we continue to see capital pile into redevelopment opportunities, whether it be
Main apartment tower currently serviced land or more ambitious projects like Portage Place.
under construction and of course,
True North Square which recently Anything else we should be looking for in this
announced a fifth tower to be sector heading into 2020?
developed for and occupied by
Wawanesa.
AG: I’m asked almost daily where rates are headed and in many ways that’s as
What are your challenging as predicting the U.S. president’s next tweet. What I do know with
thoughts regarding new confidence is that if interest rates remain in this low environment it will continue to

industry trends for 2020? be supportive of real estate investment and development through 2020. 
Interview has been condensed and edited.

FC: Several projects are currently
under construction or recently
completed that will push Winnipeg’s
top of market rents to new levels,
particularly in the Office and
Apartment sectors.
We are also seeing a wave of
growth in downtown living,
between 300 Main, 225 Carlton
and several apartment buildings
planned at the Forks North Portage
development. As a Winnipegger I’d
love to see these projects succeed
as we continue our efforts to
revitalize the downtown.

As these projects are completed, we
will be monitoring vacancy rates and
unfilled inventory levels closely to
ensure that the market fundamentals
remain stable and continue to
support new development.

64 Manitoba 2019 Commercial Building Directory