Commercial condos test Winnipeg market

Buying, rather than leasing, office and industrial space still a rarity in Manitoba's capital

Western Investor
March 22, 2016

Commercial space sold, not leased
Deacon's Corner will offer office space for sale rather than for lease

Commercial condominiums, which allow retail, office tenants and industrial users to own rather than lease space, remain a rarity in Winnipeg. But a new development may end that. 

Deacon's Corner Development Ltd., which includes the Winnipeg office of DTZ Winnipeg, is building a new 18-unit development at the corner of the Trans-Canada Highway and Provincial Road 207.
The development will include one smaller building with two 1,500-square-foot units, and one larger building with 16 units ranging in size from 1,305 to 1,700 square feet.
DTZ Winnipeg president Martin McGarry said the units will be "flex-space condos," meaning they'll be suited to a variety of uses. That includes as office, retail, light industrial and even storage space.
Prices for the condos range from $160 per square foot to $180 per square foot and three units have already been pre-sold.
McGarry said his group is aware the commercial-condo concept hasn't caught on in Winnipeg the way it has in many other cities. "It's mainstream everywhere else in the world except Winnipeg," he said, suggesting one reason may be the local projects that have opened have been fairly small in scale.

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