Winnipeg developer MMI Asset Management Ltd. (MMI) broke ground October 15 on a new $46 million industrial park.
Steele Business Park is being built on 17 acres at CentrePort Canada in the Rural Municipality of Rosser in north Winnipeg.
“Breaking ground is an exciting milestone for our company and our investors,” said Martin McGarry, president and CEO, MMI Asset Management Ltd.
The first of three 80,000-square-foot buildings will be completed and ready for occupancy by the end of summer 2021.
“We expect to see a very strong response from the market,” said McGarry. “The pandemic has caused interruption in supply chains all over the world, which will lead to more decentralized fulfillment centres. This a huge opportunity for Manitoba to attract some major global players. We believe there will be more demand for industrial space post-pandemic.”
Ralph Eichler, Manitoba Minister of Economic Development and Training said the province “is thrilled” with the project.
“MMI is a born-and-bred Manitoba company, and we are pleased to see them investing locally in projects that will create new opportunities for companies in our province,” Eicler said, adding the project will generate hundreds of jobs.
MMI is a real estate asset management firm with an investment portfolio that includes office, retail, industrial and multi-family properties.
MMI’s big build is just the latest for CentrePort Canada and Winnipeg, which has seen more 550,000 square feet of industrial space completed so far this year.
Over the past few years more than 500 acres of land has been developed into dozens of new industrial buildings in half dozen separate developments. These include a new 113,000 square feet leased by Amazon and the National Research Council’s $60-million, 72,000-square-foot advanced manufacturing research facility.
QuadReal’s new 175,000-square-foot NorthWest Business Park was fully leased prior to completion this year.
As of the third quarter, Winnipeg’s industrial vacancy rate was 4.2 per cent, according to Colliers International, up from 3.1 per cent a year earlier.
“With 528,000 square feet of new industrial product currently under construction, supply will begin to meet demand as we head into 2021,” Colliers stated.