Investment dollars continue to be drawn to the overall stability of the Winnipeg commercial real estate market, contributing to already tight industrial and multi-family asset classes in the first half of the year, despite some lingering challenges in the city’s trucking industry, according to Winnipeg-based Rea Roussin of REMAX Executives Realty, who provided insight for the REMAX Canada Fall 2026 Commercial Real Estate Report.
This strong performance positions Winnipeg as a key example of the stable, logistics-driven regional momentum highlighted in the national report. Across Canada, commercial real estate capital is increasingly concentrating in established income-producing properties and strategic supply-chain hubs to navigate elevated construction costs and restrictive financing environments. Winnipeg’s combination of low industrial availability, robust rental housing demand, and long-term land expansion demonstrates how mid-sized Canadian markets with solid economic fundamentals are successfully attracting national investment capital.
Winnipeg Commercial Market Overview
High Demand and CentrePort Expansion Fuel Winnipeg Industrial Market Growth
According to Roussin, industrial remains the strongest segment for both sales and leasing, supported by limited inventory and steady demand from owner/users and investors. Although new supply has lifted availability in recent years, rates remain tight at 2.9 to 3.6 per cent, with net asking rents around $11 psf. Owner/users continue to drive sales in the $2-million to $10-million range, although rising construction costs and financing, coupled with concerns over bond yields and interest rates, are causing some developers and end users to pull back.
Out-of-province capital also continues to target Winnipeg industrial assets. Toronto’s RFA Capital closed on 600,000 sq. ft. valued at almost $80 million in Q2 2026, while Montreal-based PROREIT recently purchased two industrial properties valued at close to $46 million. Just outside city limits, CentrePort continues to expand, with Keystone Industrial Park offering 30 shovel-ready lots. The proposed Catalyst Park and Sturgeon Business Park developments could also add more than 1,000 acres of industrial land. Interest from data centre operators is also emerging, although a recent proposal near Winnipeg was rejected due to its proximity to residential communities. Future development will require close co-ordination with the province on infrastructure and land-use requirements.
Low Vacancy Rates Drive Out-of-Province Capital into Winnipeg Multi-Family Real Estate
Multi-family properties have attracted considerable private investment from outside Manitoba, supported by strong rental fundamentals. According to CMHC’s December 2025 Rental Market Report, vacancy rates stood at 2.8 per cent for one-bedroom purpose-built rentals and 1.1 per cent for two-bedroom rental condominiums. Demand remains particularly strong in the city’s south end, where supply is limited and one new project is already carrying a waitlist. CMHC’s MLI Select program is also supporting development through lower borrowing costs and longer amortization periods, while demand for income-producing assets continues to drive sales of older concrete apartment buildings for retrofit and improvement.
Flight to Quality Tightens Class A Availability in Winnipeg Office Sector
Overall office availability sits at 14.8 per cent*, although stronger demand for Class A space has pushed availability down to 10.9 per cent. Class B and C availability remains higher at 17.1 per cent and 16.8 per cent respectively*. Downtown Winnipeg continues to evolve through Project Downtown and redevelopment initiatives led by True North, which is working with the Southern Chief’s Organization (SCO) on new housing, healthcare, community space and mixed-use development. Recovery will take time as office occupancy normalizes, while suburban office markets have generally fared somewhat better.
Community Retail Plazas and Residential Intensification Opportunities Attract Investors
Retail continues to hold its own, with malls, strip plazas and freestanding properties performing well from a leasing perspective. Newer community-oriented shopping areas such as Bridgwater remain popular, while older plazas are also coveted by investors seeking stable income and longer-term multi-unit residential intensification potential.
Economic Growth and Land Availability Support Winnipeg Commercial Market Outlook
Winnipeg’s relative stability, available land and steady demand across several asset classes continue to attract capital from inside and outside Manitoba. With the provincial government signalling that Manitoba is open for business, efforts to facilitate investment and development may support future activity, subject to economic, regulatory and market conditions.
*Source: Altus Group’s Altus Data Studio
Frequently Asked Questions
Industrial remains Winnipeg’s strongest segment for both sales and leasing, supported by tight availability between 2.9 and 3.6 per cent, steady owner-user demand, and substantial institutional investments from out-of-province buyers.
Retail continues to perform well across shopping centres, strip plazas, and freestanding properties. Newer community-oriented plazas in suburban areas like Bridgwater remain highly sought after, while older plazas attract investors seeking stable rental income and long-term residential intensification potential.
Winnipeg industrial availability remains tight at 2.9 to 3.6 per cent, with net asking rents averaging around $11 per sq. ft. Owner-users continue to drive transactions in the $2-million to $10-million range, alongside major institutional acquisitions by firms like RFA Capital and PROREIT.
Multi-family properties are attracting significant private investment due to strong rental fundamentals, with vacancy rates standing at 2.8 per cent for one-bedroom purpose-built rentals and 1.1 per cent for two-bedroom condo rentals. CMHC’s MLI Select programme continues to support value-add acquisitions and new rental development.
Overall office availability sits at 14.8 per cent, but strong flight-to-quality demand has pushed Class A availability down to 10.9 per cent. Class B and C availability remains higher at 17.1 per cent and 16.8 per cent respectively, while major downtown mixed-use redevelopment projects continue to move forward.
Industrial land expansion is being led by CentrePort Canada and Keystone Industrial Park (offering 30 shovel-ready lots), while proposed developments like Catalyst Park and Sturgeon Business Park could potentially add over 1,000 acres of commercial land just outside city limits.
About the Report
The REMAX Canada Fall 2026 Commercial Real Estate Report includes data and insights supplied by REMAX brokerages and analyzed by Point Blank Communications. REMAX brokers and agents are surveyed on market activity and local developments. Each REMAX office is independently owned and operated. Responses are meant to capture industry-level information and are not meant to serve as an indication of Real REMAX Group's company-specific growth trends.
About the REMAX Network
As one of the leading global real estate franchisors, REMAX, LLC is a subsidiary of Real REMAX Group (NASDAQ: REAX) with more than 145,000 agents in nearly 8,500 offices and a presence in more than 120 countries and territories. REMAX Canada refers to REMAX Canada, Inc., which is a subsidiary of REMAX, LLC. Nobody in the world sells more real estate than REMAX, as measured by residential transaction sides. REMAX was founded in 1973 by Dave and Gail Liniger, with an innovative, entrepreneurial culture affording its agents and franchisees the flexibility to operate their businesses with great independence. REMAX agents have lived, worked and served in their local communities for decades, raising millions of dollars every year for Children's Miracle Network® and other charities. To learn more about REMAX, to search home listings or find an agent in your community, please visit remax.ca. For the latest news from REMAX Canada, please visit blog.remax.ca.
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