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Winnipeg Office Market

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Winnipeg Office Market Research & Forecast Report WINNIPEG OFFICE MARKET Second Quarter 2018 Winnipeg Market Overview Summary Statistics Q2 2018 2017 Q4 2018 Q2 Trend Office Inventory* 15,945,343 16,007,493 Market Overview Net Absorption Strong market fundamentals continue to buoy the Winnipeg 69,011 120,342 office market throughout the first half of 2018. The overall Vacancy Rate 9.00% 8.60% vacancy rate for Winnipeg has decreased from 9.00% to 8.60% with the market experiencing 120,342 SF of positive Average Asking Net Rent** $16.67 $16.92 absorption. Construction has begun on 900 Lorimer Boulevard, a 57,000 SF office building in southwest Winnipeg, Average Additional Rent $14.02 $14.27 while the first tower of True North Square is nearly complete, *Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space which will bring the addition of 365,000 SF of designated have not been included in the office inventory. There are 322 office buildings surveyed which collectively form the Colliers Office Market Index. office space to Winnipeg’s market place in Q3 of 2018. **Reporting Class A & B multi-tenant buildings. Average Asking Net Rent is calculated using a weighted average. Vacancy & Absorption With the impending addition of True North Square to the After years of landlord investment/re-investment, the Winnipeg office market, the Class A continues to navigate Class B market experienced more positive gains with a a tenant friendly environment. Currently sitting at a vacancy decrease in its vacancy rate from 6.80% to 6.22% despite rate of 8.63%, several confirmed deals illustrate the recent an increase in inventory of 62,150 SF from the upheaval in this class. In 2018/2019, we will see the reclassification of medical, government and owner- following occur: (1) TD Bank will leave 201 Portage Avenue occupier buildings. In the first half of 2018, the Class B and remain at the corner of Portage and Main leasing market experienced 105,413 SF of positive net absorption, space at 360 Main Street; (2) The Canada Revenue Agency however it is noteworthy that over 80% of that absorption will be fully vacating 325 Broadway to consolidate its took place in the suburban sector. Significant absorption of operation at 360 Main Street; (3) Justice Canada, 17,409 SF at Madison Square (1600-1630 Ness Avenue) undergoing a downsize, will vacate 310 Broadway, a Class and HUB International leasing 22,966 SF at 1661 Portage B asset, and relocate to 400 St. Mary Avenue; (4) Meyers Avenue illustrate this trend. Norris Penney, a newly minted tenant at True North Square will vacate 201 Portage Avenue; and (5) Lastly, Taylor Winnipeg’s Class C market continued its positive trend with McCaffery LLP, in search of fresh premises, will back fill a decrease in vacancy from 13.59% to 12.35% and a space at 201 Portage Avenue. positive absorption of 63,246 SF. The downtown sector comprised a significant portion of the decrease in vacancy with the continued restoration and reclassification of Historical Performance character buildings in the Exchange District. The city has 300,000 10.00% seen an increase in its Information and Technology Sector 250,000 9.00% leasing in Class C buildings primarily in the downtown 8.00% 200,000 7.00% sector. 150,000 6.00% 100,000 5.00% 50,000 4.00% Asking Net Rent 3.00% Vacancy(%) - 2.00% Over the first half of the year, the weighted average of (50,000) 1.00% Absorption New& Supply (SF) (100,000) 0.00% Winnipeg’s net rental rate has decreased in the downtown sector by 12.7% and increased in the suburban sector by 8.7%. Class A rates continue to range between $16.00- 2014 Q4 2014 Q2 2015 Q4 2015 Q2 2016 Q4 2016 Q2 2017 Q4 2017 Q2 2018 $24.00 PSF with a substantial vacancy at the lower end New Supply Absorption Vacancy of the scale pulling down the weighted average to $20.51 PSF. The rate gap between Class A and Class B has 2 Research & Forecast Report | Second Quarter 2018 | Winnipeg Office Market | Colliers International closed with the weighted average of the latter increasing moving in late 2018 and early 2019. Moreover, this to $15.00 PSF in the downtown sector and $16.79 PSF in turbulence is two-sided (1) True North Square adding its the suburban sector. Class C is reporting a broad range of 365,000 SF; and (2) continued contraction and net rents between $9.00 -$17.00 PSF with a rise in the consolidation of both the federal and provincial weighted average in the suburban sector to $13.99 PSF. governments’ leased space. In spite of these market dynamics, Winnipeg continues to revitalize its downtown and is embracing the “live, work, play” mantra. The addition Forecast of Artis REIT’s apartment building project, 300 Main Street, Manitoba’s real GDP is expected to grow at a rate of 2.0% is a much needed residential boost that will help the in 2018, securing fifth place among the Provinces. This downtown work force continue to grow. In turn, we are decelerated yet steady growth is characteristic of seeing some companies considering trading in their Manitoba’s overall diversified economy across market industrial/flex office space in the suburbs for downtown sectors. This stability assists in the organic growth of local office space where the sports, entertainment, and dining companies while gaining attention from prospective new opportunities continue to flourish. While this transition has entrants to the market. This is evidenced in early 2018 been slow, it is very much evident when you walk the with substantial new office entrants to the market, which streets of downtown. include: Canaccord Genuity, Ubisoft, and MoneyKey. An educated workforce and favourable business conditions Winnipeg continues to offer some of the lowest office contributed to the expansion of these companies into occupancy costs in Canada. Our developing infrastructure, Manitoba. stable economy, and wide variety of office space offerings presents great opportunity for businesses considering Despite rising rents, decreasing vacancy, and relatively opening offices in the city. stable conditions in recent years, turbulence in the form of 1Source for Manitoba GDP Data: Manitoba Economic Highlights - The Province of Manitoba significant supply will be added to the Winnipeg market - June 8, 2018 - https://www.gov.mb.ca/finance/pubs/highlights.pdf 330 St. Mary Avenue, Winnipeg, MB 3 Research & Forecast Report | Second Quarter 2018 | Winnipeg Office Market | Colliers International Downtown Winnipeg Downtown Winnipeg is experiencing a period of optimistic 7 development with construction projects including: the mixed- 2 use towers of True North Square, the residential tower at 300 Main Street by Artis REIT, and existing ownership groups investing into their buildings. The development of downtown has 5 brought in new restaurants, shops, and cultural events which 4 have encouraged people to work and play downtown. 1 3 8 Trends > Though there was activity between the classes in the downtown market, overall net absorption was only 24,284 SF for the downtown sector. > Class C was the most active class downtown in the first half of 2018 with a positive absorption of 55,840 SF. The bulk of this absorption is a result of the continued expansion of the IT 6 sector with Skip the Dishes and Ubisoft as examples. > Operating costs have continued their slight incline in the Notable Lease Notable Sale New Supply downtown sector, while asking net rents have remained stable. Notable Lease Transactions APPROXIMATE > New building standards are being introduced to stay TENANT NAME - ADDRESS TYPE SIZE (SF) competitive in the market in expectation of the new supply. Meyers Norris Penny LLP - 1. Headlease 44,000 SF 242 Hargrave Street Taylor McCaffery LLP- 2. Headlease 32,000 SF Summary Statistics 201 Portage Avenue Q2 2018 Winnipeg Downtown 2017 Q4 2018 Q2 Trend The Law Society of Manitoba - 3. Headlease 23,513 SF 260 St. Mary Avenue Office Inventory* 11,534,861 11,534,861 MoneyKey - 4. Headlease 9,000 SF 161 Portage Avenue East Net Absorption 114,814 24,284 Vacancy Rate 9.04% 8.83% Notable Sale Transactions APPROXIMATE ADDRESS PRICE Average Asking Net Rent** $17.09 $17.05 SIZE (SF) 5. 294 Portage Avenue $11,432,500 106,548 SF Average Additional Rent $14.82 $15.19 6. 6 Donald Street $2,709,000 13,214 SF *Office Inventory: For the purpose of this report, buildings with less than 10,000 SF of office space 7. 123 Bannatyne Avenue $2,700,000 21,000 SF have not been included in the office inventory. There are 322 office buildings surveyed which collectively form the Colliers Office Market Index. **Reporting Class A & B multi-tenant buildings. Average Asking Net Rent is calculated using a weighted average. Upcoming New Supply ADDRESS CLASS SIZE (SF) DEVELOPER COMPLETION STATUS 8. True North Square (Office Space) A 365,000 SF True North Real Estate 2018 Ready for Fixturing 242 Hargrave Street Development Ltd. 4 Research & Forecast Report | Second Quarter 2018 | Winnipeg Office Market | Colliers International Suburban Winnipeg Highly coveted suburban office space remains in limited supply and while new product has experienced fast leasing velocity, there is Class C space that sits vacant as it is in need of significant capital for redevelopment. Rental rates have continued to rise with the weighted average for Class B suburban reporting at 5 $16.79 PSF compared to downtown Class B at $15.00 PSF. 3 1 4 Trends 7 2 6 > Limited large block (+10,000 SF) opportunities, and low overall vacancy has resulted in higher net rent expectations.
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