The Waterloo industrial market has hit its lowest vacancy rate since 2018 at 2.3%, and continues to see high demand.
- Industrial supply in the region is unable to keep up with demand. High-quality spaces move quickly, often with multiple offers.
- Average asking lease rates are being held back by the less desirable, lower quality spaces on the market, with C-class space making up over 60% of the available inventory.
- The industrial market will see very strong growth over the next 24 months as anticipated developments by Broccolini, iPort, BentallGreenOak and Crestpoint are set to deliver over 2 million square feet of new supply.