Build-first strategy bearing fruit
Local developers quickly leasing industrial space
By: Murray McNeill/Commercial Real Estate
It's taken a while, but their gamble is starting to pay off for several local developers who went ahead with the construction of new industrial buildings before any tenants had been signed up.
Saults & Pollard Real Estate Ltd. now has one confirmed 15,000-square-foot tenant for its 40,000-square-foot industrial complex which is under construction at 125 Fennel St. in Fort Garry.
First General Services (Winnipeg) Ltd. president and CEO Drew Bayes confirmed the property-damage restoration specialist is taking possession of its undeveloped space in the building on Sept. 1, and hopes to be moved in by early next year.
While the overall vacancy rate has been climbing over the last 18 months, Derrett said there's still a need for more new industrial space in Winnipeg. He said new entrants to the market still don't have enough new product to chose from, which has forced some to delay their arrival until suitable space becomes available.
Houston-based Goodman Manufacturing Group was the first tenant to lease space in the Olexa building. It moved into its nearly 12,000-square-foot space earlier this year.
Scaletta said Olexa officials are happy with the pace of leasing activity for the building, which is within the massive CentrePort Canada development site.
"It's just getting people to realize that CentrePort is actually a go. That you can lease space there," he added.
http://www.winnipegfreepress.com/bus...268836441.html
Minor news most have read already. But an idea on the commercial space market in Winnipeg.