Winnipeg Free Press

Winnipeg Free Press (Newspaper) - February 24, 2014, Winnipeg, Manitoba C M Y K PAGE B6 Commercial Properties & Investments Greg Michie The Greg Michie Team Highland Park Professional Centre East St. Paul Phase 3 Now 50% Leased! Join our Community Health Network This impressive facility is located on busy Henderson Hwy and currently attracts 8,000 visitors/ clients per month. 204- 336- 2800 gmichie@ gregmichie. com Ideal opportunity for Dentist, Audiologist, Optometrist and other medical specialists Present tenants include a Family Medical practice with 10 doctors, Walk- in Clinic, Lab, Pharmacy, Physiotherapist, Medical/ Cosmetic & Surgical Skin Specialist and X- Ray Clinic. Independently Owned & Operated p r o f e s s i o n a l s 1601 Buffalo Place 204- 957- 0500 Mark Thiessen Dave Bergman FOR LEASE/ LOW OPERATING COSTS 830 KING EDWARD STREET • Recently renovated to high standards including new roof, windows & parking lot • Competitive rates • From 2,000 to 53,000 sq. ft. and sub- dividable • Tenant Improvement Allowance available for qualified tenants. Contact Mark Thiessen Ph: ( 204) 794- 5700 For sale and leasing opportunities visit our website at thecommercialteam. ca ALL AVAILABLE WINNIPEG OFFICE SPACE CENTRALIZED ON ONE FREE WEBSITE www. joebanfield. com is a division of www. officespacewinnipeg. com Michael Belkin 204.999.7009 Randall Ranick 204.997.6500 FOR LEASE - MINIMUM 3 YEAR LEASE TERM - 25FT X 70 FT BAYS ( 1,750 SF) - OFFICE OPTIONAL - RENTAL RATES STARTING AT $ 2200 PER MONTH ( PLUS UTILITIES) AVAILABLE NOW WALL STREET 1100 WALL STREET, WINNIPEG, MB LOCATED IN NORTH EAST QUADRANT OF CITY. BLDG AREA: 9,600 SQFT (+/-) LAND AREA: 20,000 SQFT (+/-) .45 ACRES (+/-) ZONING: M1- LIGHT MANUFACTURING LEASE RATE: $ 6.25 PSF ( NET) SALE: $ 850,000.00 POWER: 3 PHASE - IDEAL MACHINE SHOP NEED WINTER SHOP SPACE? AVAILABLE NOW REDONDA STREET 885 REDONDA STREET, WINNIPEG, MB Developing professionals in the magazine industry Book now to attend one or all of these sessions: email MMPA@ mymts. net or call 204- 942- 0189 www. manitobamagazines. ca See a selection of magazines published in Manitoba on our digital newsstand: newsstand. manitobamagazines. ca For Publishers: Are you wondering how your publishing model measures up against the world? Deborah Morrison, publisher of Canada’s History and Kayak, provides a refreshingly positive presentation on innovations and ideas gathered at the Federation of International Periodical Publishers ( FIPP) Congress held in Italy in September, 2013. Key take- aways from the best presentations about successful digital- first strategies will be presented. She’ll also talk about the Congress, how it works, and what small Canadian publishers have to gain from attending the 2015 event. For Freelancers: Phone- ography - getting the best out of your smart phone camera. Photographer Ian McCausland will help you understand how to get the best quality photos using your smartphone. He will also review apps that will enhance/ enrich your smartphone photography experience and output. Thursday, March 20 . 1: 30pm - 3: 30pm, Norwood Hotel, 112 Marion Street, Winnipeg. Members: $ 15 Non- Members: $ 30 Free parking Thursday, February 27. Free. 5: 45pm - 7pm, Main Floor, Bryce Hall, ( Canada’s National History Society), University of Winnipeg, 515 Portage Avenue, Winnipeg. Deborah Morrison joined Canada’s History Society as president in 2002. During her tenure she has expanded the activities of the organization to include a children’s magazine, two national best selling books, awards and educational programming, and a new online travel channel devoted to Canadian historical sites and a series of Canada’s History Travel Tours. Ms. Morrison is past Chair of Manitoba Magazines and Magazines Canada, and co- chair of the upcoming FIPP Congress. Raised in Winnipeg, she earned a BA in Political Science from Carleton University in Ottawa and an MBA ( Executive) from the John Molson School of Business at Concordia University in Montreal. MARK YOUR CALENDAR! Tel: 204 928 5000 www. dtz. com For Lease 115 Keewatin Street Retail Space Located at the corner of Keewatin St. and Alexander Ave. in Northwest Winnipeg. Ideal uses included fast food restaurant and/ or convenience store. Kitchen equipment available. (+/-) Nine ( 9) parking stalls available on- site. Zoned C1. Available Immediately. Lease Rate: $ 13.00 psf Net CAM & Tax: $ 5.50 psf ( 2014 - includes management fees) Jane Arnot Email: jane. arnot@ dtzwinnipeg. com or Leanne Dufault Email: leanne. dufault@ dtzwinnipeg. com BUSINESS EDITOR: SHANE MINKIN 204- 697- 7308 business@ freepress. mb. ca I winnipegfreepress. com MONDAY, FEBRUARY 24, 2014 B 6 I T will be back to the future for some retailers if the soaring cost and limited availability of land in some of Winnipeg’s most popular retail hubs force developers to start building upwards instead of outwards. The concept of multi- level, or vertical, retail development has been around for decades in larger, highercost Canadian cities like Vancouver and Toronto, according to Michael Stronger, a retail- leasing specialist with Shindico Realty Inc. And while the concept hasn’t gained a lot of traction yet in Winnipeg, Stronger thinks that could soon change. “ The prime retail areas are becoming more and more difficult to get into,” he explained. “ All the good land has been bought and developed.” On top of that, “ land prices have gone up dramatically in Winnipeg,” he said, particularly in those soughtafter areas. So larger retailers wanting to open stores there will either have to go with a smaller store or one that has a smaller footprint but multiple levels. One case where the vertical- development concept is already being applied is the new Target store under construction on the former Canad Inns Stadium site at Polo Park. To save on land costs, Target is building a complex that features a parkade on the ground level and retail store above it, rather than a traditional one- storey, ground- level store with a sprawling surface parking lot next to it. “ It increases the cost of construction but uses less land,” Stronger said. “ So you lower your land costs.” The Target store is part of the Plaza at Polo Park mixed- use development Shindico and Cadillac Fairview plan to build on the former stadium site. And it could be one of several multi- storey buildings in the development, which is expected to include a mix of retail and multi- family residential space. “ It’s still a work in progress, but I would suggest you could see more multi- level development there,” Stronger said. Winnipeg has other, earlier examples of multi- level retail development. There’s the Hudson Bay Co.’ s six- storey, downtown department store, which dates back more than a century. There’s also the downtown Portage Place and Cityplace shopping centres, and the Polo Park Shopping Centre, which started out as a onestorey mall with a second level being added later. But Stronger noted most of the new retail development that’s taken place in Winnipeg since the Second World War has consisted of single- storey buildings built in the suburbs, where land used to be plentiful and relatively cheap. So there was no need to build costlier, multi- storey complexes. Retailer preferences also played a role. Given a choice, most retailers would rather have their stores at ground level because they’re easier to access. But Stronger disputed the notion shoppers also don’t like multilevel malls. “ As long as they have an elevator or escalator system, I can’t see that people would be averse at all. Polo Park is a good example where shoppers don’t seem to have any problem going up to the second level.” He also noted a vertical retail development doesn’t have to mean several floors of retail space. It could be parking space on one level and retail on another, like the Real Canadian Superstores outlet on Portage Avenue West. There wasn’t room for a store plus a surface parking lot, so it built an underground parkade with the store above it. Stronger said retailers used to argue it was too costly to build an underground parkade. But soaring land prices and rising rental rates are causing them to rethink. “ As rental rates go up, it becomes more feasible.” He also noted vertical, mixed- use developments that include a combination of retail and office or multi- family residential space are already springing up around the city. A good example is the Polo North complex Shindico and Cadillac Fairview built on the former Winnipeg Arena site at Polo Park. It has underground parking, retail space on the main floor, with two floors of office space above. Adding underground parking enabled the developers to go with fewer surface parking spots and a larger building. Winnipeg architect Raymond Chan, who has designed a number of retail developments, agreed vertical, mixeduse developments are becoming more commonplace in Winnipeg. He said the concept works well because the residential and/ or office tenants support the retail tenants and vice- versa. “ One feeds off the other.” The multi- level, mixed- use concept also works particularly well in the downtown, he said, where land costs are higher and retailers need more permanent residents to support their businesses. “ Retail cannot survive on just nineto- five ( customers).” While Chan likes the idea of more vertical retail development, he thinks it will be a while before we see a lot of that in Winnipeg. He said if Winnipeg enjoys another round of retail expansion such as the one it experienced over the last 10 to 15 years, “ then I could see it ( more vertical retail development) happening.” “ But I think retail is getting saturated,” he added. “ There are a lot of them now, and land is still affordable because of all the new suburbs that are springing up. So I think it will take at least another decade ( before a significant amount of new vertical retail development takes place).” Know of any newsworthy or interesting trends or developments in the local office, retail, or industrial real estate sectors? Let real estate reporter Murray McNeill know at the email address below, or at 204- 697- 7254. murray. mcneill@ freepress. mb. ca Builders looking up... and up Vertical retail in land pinch IN THE ZONE MURRAY McNEILL JOE BRYKA / WINNIPEG FREE PRESS The Target store under construction on the old Canad Inns Stadium site near Polo Park is a current example of vertical retail development. B_ 06_ Feb- 24- 14_ FP_ 01. indd B6 2/ 23/ 14 7: 53: 28 PM ;