Where Winnipeg is Growing: Commercial Real Estate Areas to Watch
Winnipeg has always been shaped by growth, but the forces influencing where development happens are constantly changing. New neighbourhoods are extending the boundaries of the city, major infrastructure projects are improving connections between established and emerging areas, and new investment is creating employment and development activity in places that looked very different even a decade ago.
For commercial real estate, these changes are particularly important. A growing residential population can create demand for new retail and services, while improved transportation infrastructure can make previously overlooked land more accessible. Industrial investment can attract employment and supporting businesses, and greater density within established neighbourhoods can create new possibilities for existing commercial properties. The strongest growth stories tend to emerge where several of these forces overlap, creating the conditions for new development, investment and commercial activity.
There are signs of that convergence across Winnipeg and the surrounding municipalities today.
According to the City of Winnipeg’s 2026 Complete Communities Land Monitoring Report, permits were issued for 6,291 new dwelling units in 2025, well above the five-year annual average of 5,343. The same report shows that much of that growth is occurring within established areas rather than exclusively at the city’s edge.
At the same time, major infrastructure projects, industrial investment and new land servicing are influencing development in other parts of the region. The result is not one obvious path of expansion, but several distinct areas developing for very different reasons.
Looking more closely at those areas provides a better picture of how Winnipeg is changing, what is driving that change and, from a commercial real estate perspective, where the next phase of opportunity may begin to take shape.
Southwest Winnipeg and the McGillivray Corridor
Southwest Winnipeg has been one of the city’s most consistent growth areas for more than a decade, but the geography of that growth continues to shift.
Waverley West has added substantial residential density to the southwest, while Kenaston Boulevard has evolved into one of Winnipeg’s most established suburban commercial corridors. That evolution has been particularly visible around Sterling Lyon Parkway, where the development of Seasons and Outlet Collection Winnipeg has created a major retail and mixed-use destination. Outlet Collection Winnipeg alone comprises more than 570,000 SF and over 100 brands, complemented by major retailers including IKEA and Cabela’s/Bass Pro Shops, as well as restaurants, hotels, services and other commercial development throughout the surrounding area. The next stage of that growth is increasingly pushing toward the Perimeter Highway and the RM of Macdonald.
The clearest sign of that shift is the new interchange at McGillivray Boulevard and the Perimeter Highway. In January 2026, the Province of Manitoba announced a $235-million investment in the project, which is intended to improve safety, traffic flow and the movement of goods while preparing the corridor for continued regional growth. Construction is expected to continue through the remainder of the decade.
The immediate benefit is better transportation infrastructure, but the broader commercial implications are more interesting.
Improved access can fundamentally change how land is perceived. A property that once felt peripheral can become more connected to established residential neighbourhoods, retail nodes and regional transportation routes. Over time, that can influence the types of users willing to consider the area and the kinds of development that become feasible.
The progression of the corridor is also reflected in properties now coming to market farther southwest. 4806 McGillivray Boulevard, currently listed by ICI, is approximately 3.19 acres at the McGillivray and Perimeter interchange, positioning it near the outer edge of the growth that has steadily moved through southwest Winnipeg. With the Kenaston and Sterling Lyon commercial areas now firmly established, continued residential expansion nearby and significant infrastructure investment underway at the Perimeter, the McGillivray corridor represents a logical next area to watch as development continues to extend outward.
The property itself is only one example. The broader story is how land along the southwest edge can take on new relevance as access, nearby population and development pressure evolve.
Southwest Winnipeg also benefits from a level of momentum that has been building for years, supported by sustained residential growth, the continued strength of the Kenaston commercial area and direct regional connectivity via the Perimeter Highway. As these established elements continue to reinforce one another, attention is increasingly turning to the land between them and the role it could play in the next stage of the southwest corridor’s development.
That will depend on more than demand alone. Servicing, zoning, municipal approvals and infrastructure timing will all shape what happens next. Still, the fundamentals that typically precede commercial development are becoming increasingly visible.
CentrePort and the RM of Rosser
CentrePort tells a very different growth story. Unlike southwest Winnipeg, where residential expansion is helping to push the city outward, CentrePort is being shaped by industrial development, logistics infrastructure and large-scale servicing.
The inland port spans approximately 20,000 acres across northwest Winnipeg and the RM of Rosser, giving it a scale that is difficult to replicate elsewhere in the region. Its continued buildout has been supported by road, rail and air-cargo access, making it one of Manitoba’s most significant industrial and logistics development areas.
Recent development demonstrates how that long-term planning is translating into active investment.
In May 2026, CentrePort announced that the first phase of Keystone Industrial Park had brought 184 acres of fully serviced, shovel-ready industrial land to market. The project represents more than $100 million of investment upon completion of Phase 1, with further development planned.
The following month, MoveMobility opened a new 60,000-square-foot manufacturing facility within CentrePort Canada, representing an investment of approximately $19 million.
Those individual projects matter, but the servicing work taking place in CentrePort South may have an even greater long-term impact.
According to CentrePort Canada, new regional water and wastewater infrastructure is expected to help unlock approximately 1,800 acres of development land, including roughly 1,100 acres of industrial land and a planned 500-acre mixed-use residential community. The servicing work is backed by more than $74 million in investment from the City of Winnipeg and Province of Manitoba.
That creates the potential for CentrePort to become more than a collection of industrial sites. As employment grows and residential development follows, supporting commercial uses can begin to emerge as well.
For industrial users, the attraction remains practical. The area offers land, transportation access and the ability to accommodate modern facilities at scale. For developers and investors, the opportunity is broader because servicing expands the range of land that can realistically be developed.
The next phase of CentrePort’s growth may therefore be less about proving that industrial demand exists and more about understanding how the surrounding ecosystem develops. As employment increases, the need for services, amenities and complementary uses typically grows with it.
CentrePort is already established as one of the region’s most important industrial growth areas. The more interesting question now is how much more diversified that growth becomes.
West Winnipeg and Headingley
The west side of Winnipeg is changing more gradually, but the evolution of the corridor is becoming harder to overlook.
Portage Avenue has always been one of the city’s major transportation routes, connecting Winnipeg with Headingley and the Trans-Canada Highway. What has changed is the amount of residential and commercial development now taking place around that route.
The Province of Manitoba has invested in a series of infrastructure improvements along the Trans-Canada Highway through Headingley, including intersection upgrades, service roads and other transportation improvements. In March 2026, the Province also opened a new $13-million highway traffic inspection station and weigh scale near Headingley, reinforcing the corridor’s importance to commercial transportation.
The pressure created by growth is also being acknowledged directly. During legislative discussion in May 2026, Manitoba Transportation and Infrastructure Minister Lisa Naylor noted that traffic volumes are being monitored alongside new development in the area, with future intersection improvements under consideration where warranted.
Infrastructure is especially important here because the corridor is being asked to serve several roles at once. It is a commuter route, a commercial corridor, a regional transportation connection and an access point for growing residential communities.
A major component of this continued growth is Westport, a mixed-use development owned and being developed by ICI Properties along Portage Avenue near the Perimeter Highway. Planned to accommodate up to 100,000 square feet of retail space, Westport is helping extend commercial activity toward Winnipeg’s western edge while creating new opportunities to serve established neighbourhoods and the growing communities beyond the Perimeter.
Its location is particularly significant. Westport sits along one of the primary routes connecting Winnipeg with Headingley and surrounding communities including Deer Pointe, Taylor Farm, Breezy Bend and Charleswood. As residential development continues throughout the area, Westport is designed to bring additional retail, restaurant, service and other commercial opportunities closer to this expanding customer base.
The development also reflects the broader evolution of the Portage Avenue corridor. Rather than growth occurring exclusively within Winnipeg’s established commercial nodes, new development is increasingly responding to population growth and investment near the city’s western edge. With prominent Portage Avenue exposure, convenient regional access, significant retail capacity and a pedestrian-oriented mixed-use design, Westport represents an important part of the next stage of commercial development along the corridor.
Further south, ICI is currently marketing approximately 196.8 acres of development land along Wilkes Avenue, just inside the West Perimeter. The scale and location of the property provide another example of the development potential emerging along Winnipeg’s western edge, with established commercial areas nearby and growing residential and light-industrial activity along Rockall Road and Hall Road. Its position between existing development and the Perimeter also reflects the broader transition taking place as growth continues to extend into areas that were once more peripheral to the city.
Large sites like this become particularly interesting as surrounding areas build out and the amount of undeveloped land close to established parts of the city becomes more limited.
The challenge for the west corridor is that development and infrastructure do not always move at the same pace.
As residential and commercial activity increases, pressure on access points, intersections and traffic capacity also grows. The areas that ultimately perform best may be those where transportation improvements and land-use planning are able to keep pace with development demand.
That makes west Winnipeg and Headingley less of a single project story and more of a corridor-wide evolution. The market is being shaped by the interaction between residential growth, commercial investment, transportation infrastructure and the availability of larger development sites.
Downtown, Infill and Major Transit Corridors
While much of the conversation around Winnipeg growth focuses on the edges of the city boundaries, some of the most significant recent activity has taken place in established neighbourhoods.
The City of Winnipeg’s 2026 Complete Communities Land Monitoring Report shows that 62% of new residential permits issued in 2025 were located within the City’s intensification target area, exceeding the City’s 50% target. Permits were also issued for 4,362 new homes within 400 metres of Winnipeg’s Primary Transit Network, including 1,119 units within 400 metres of a rapid-transit station.
Downtown accounted for a particularly significant share of that activity.
City data shows that permits were issued for 1,040 new downtown dwelling units in 2025, nearly three times the City’s annual target of 350 and the highest total recorded in at least 15 years. The city also reports approximately 2,300 additional downtown units within the broader development pipeline.
The redevelopment of Portage Place is one example of how major investment in established areas can contribute to this growth. The approximately $650-million redevelopment will reposition the former shopping centre as a mixed-use destination incorporating residential, healthcare, commercial and community uses. Rather than expanding the city’s footprint, projects of this scale have the potential to bring new residents, employment and daily activity into existing urban areas, supporting surrounding businesses and creating new opportunities for commercial properties throughout downtown.
Few projects illustrate the changing face of Winnipeg quite like Naawi-Oodena, where the former Kapyong Barracks lands along Kenaston Boulevard are being transformed into one of the city’s most significant new mixed-use communities. Led by Treaty One Nations, the approximately 160-acre site is planned to incorporate residential, commercial, cultural, educational, recreational and community spaces, with the broader development expected to accommodate nearly 5,000 new housing units. ICI is proud to work with Treaty One as the commercial component of this transformational development begins to take shape, including representing current retail leasing opportunities within Naawi-Oodena. The combination of new housing, businesses and community uses will introduce significant new activity to an already established part of Winnipeg while creating opportunities for additional commercial growth both within the development and throughout the surrounding area.
Unlike new development areas at the city’s edge, downtown and established neighbourhoods already have roads, transit, utilities, commercial buildings and a resident population. The opportunity is less about creating a new node from scratch and more about increasing the number of people who live, work and spend within an existing one.
For retail and service businesses, that can gradually change the economics of a location. More residents can support restaurants, grocery, healthcare, personal services and other neighbourhood-oriented uses. For property owners, increased density can make older buildings more viable for renovation, conversion or repositioning.
Winnipeg has made regulatory changes intended to support greater housing density, including provisions allowing higher-density residential development near frequent transit and housing on certain commercial corridors and mall sites.
That planning direction adds another layer to the downtown and infill story because growth is not being driven solely by individual developments. Land-use policy is also shifting to encourage more housing within established areas.
None of this happens quickly, and residential growth alone will not solve every challenge facing downtown. But the scale of recent housing activity is meaningful, especially because it is occurring within areas that already have much of the infrastructure required to support a denser population.
For investors and property owners, that creates a very different opportunity than suburban or industrial growth. The value may lie less in new land and more in finding new uses for existing buildings and sites.
Four Areas, Four Different Drivers
What makes these areas interesting is that they are not growing for the same reasons.
Southwest Winnipeg is being shaped by residential expansion and major transportation investment. CentrePort is driven by industrial development, servicing and logistics infrastructure. West Winnipeg and Headingley sit at the intersection of residential growth, commercial activity and regional transportation. Downtown and established neighbourhoods are adding density within areas that already have infrastructure and services in place.
The common thread is not geography. It is the convergence of factors that tend to support commercial activity over time.
Commercial growth is rarely driven by a single factor. Population growth brings new customers and expands the local workforce, while infrastructure and servicing determine how easily an area can accommodate new development. As employment and business activity increase, demand often follows for retail, restaurants, services and other supporting uses. The availability of suitable land creates room for that activity to expand, but its ultimate potential is also shaped by zoning, planning policy and the types of development municipalities are prepared to support.
The strongest growth areas are often those where several of these conditions begin to align.
What This Means for Commercial Real Estate
For businesses, developers and investors, recognizing that an area is growing is only the starting point. The more important question is what type of demand that growth is likely to create and whether the timing is right.
A new residential community may support retail and services long before it supports significant office demand. An industrial district may attract logistics and manufacturing users before restaurants, personal services or other commercial uses begin to follow. Improved highway access can make certain sites much more attractive, but only if zoning and servicing allow development to proceed.
That is why growth should be viewed as context, not as a guarantee.
The best opportunities tend to emerge where market demand, infrastructure, land-use policy and timing come together. Understanding how those factors interact is what allows businesses and investors to move beyond simply identifying a growing area and begin evaluating whether a particular site or property makes sense.
At ICI Properties, our team works across Winnipeg and the surrounding municipalities, giving us direct exposure to many of these changes through active listings, tenant requirements, land transactions, development activity and conversations with property owners and businesses.
As the region continues to evolve, the most interesting opportunities may not always be found where development is most visible today. In many cases, they begin to emerge where the underlying pieces are already starting to come together.