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Waterloo Office Market Report Q3 2021

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research article

Q3 of 2021 has marked the first quarter of positive absorption in Waterloo Region since the start of the pandemic and broken a four quarter streak of negative absorption.

  • Despite the positive absorption, availability saw a quarter over quarter increase of 1%, this could be due to many businesses being hesitant to return to office and pushing their plans to return to the start of 2022.
  • The average net rent continues to grow steadily as the price per square foot for the region increased by $0.10 since Q2 2021 to $15.10.
  • Sub-lease space makes up 22.7% of all available space in Waterloo Region’s office sector, with the majority of space being in the City of Waterloo’s Suburban submarket.

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Waterloo Office Market Report Q3 2021

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Karl Innanen

Managing Director, Broker

Waterloo Region

Karl Innanen quickly became a “spokesman” for the investment real estate market in Southwestern Ontario. He was able to dovetail his economics education from the University of Western Ontario with the practical experiences working in the real estate brokerage field since 1990.

Karl’s expertise is in understanding and analyzing clients' needs in relation to the dynamics of the market, and formulating strategies that will enable the client to attain their business goals.

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Roelof van Dijk

Senior Director, National Research & Analytics | Canada

Toronto Downtown

As Senior Director, Research & Analytics | Canada, Roelof leads the strategy and operation of Colliers Canada Research, delivering market intelligence initiatives that give Colliers and its clients a competitive advantage. He focuses on developing a high-performance national research team that leverages Colliers’ best-in-class market intelligence to produce relevant insights on local and national market and industry trends that inform client decisions, address market needs and support Colliers’ growth strategies.

Roelof has 15 years of experience covering the Canadian commercial real estate market. Prior to his career in commercial real estate, he also worked as a project manager and urban planning consultant for residential developers across the Greater Toronto Area.

Roelof is regularly cited in national publications, such as The Globe & Mail, CBC News, Bloomberg, Reuters, Maclean’s Magazine and the National Post, as well as in local outlets across Canada.

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