QuadReal Property Group of Vancouver has just broken ground on a multimillion dollar development in the Northwest Business Park. Besides, the company signed up a single tenant.

The space that will feature 28 foot clear ceilings, bays up to 8,800 square feet in size and up to 70 truck level doors. It will be geared towards tenants in light industrial, manufacturing and logistics.

Dilpreet Mathauda, director of QuadReal, said, “It’s unprecedented for QuadReal to be constructing that large a building on a completely speculative basis. There is lots of interest. We’re confident enough with the market and the need for this that we’re moving forward without a single transaction. We didn’t need a signed lease to kick this off.”

As per a recent City of Winnipeg report, QuadReal is in this for the long run and wants to increase its footprint before Winnipeg hits one million people in population, which should be around 2035. It’s expected demand for industrial space will skyrocket then because more companies of all kinds will be looking to hang up their shingle once the population hits that milestone.

Mathauda said, “We are very enthused and optimistic about where the city is headed. We love the Winnipeg market. It’s steady Eddie. You don’t see the volatility here that you see in Alberta.”

In addition, QuadReal has a Canadian portfolio of more than 40 million square feet of commercial real estate and 12,000 residential rental suites.Its international holdings span 23 cities across 17 countries and are worth more than $27 billion.

Source:Western Investor

Fulya Altunyay/fulyaaltunyay@realestatecoulisse.com