Much of the first quarter of 2020 followed the upward momentum of 2019. Activity levels remained buoyant, availability shrinking, and rental rates were increasing at a steady pace.
- Rental rates continued their steady climb increasing 1.3% from last quarter and is up 4.6% from the same period 12 months ago, though the pandemic is likely to dampen rental growth over the short term.
- COVID-19 is expected to slow down the pace of construction. There are seven new office buildings currently under construction in the Waterloo Region representing almost 650,000 SF of new space.