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Waterloo Office Market Report Q1 2022

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research article

The first quarter of 2022 was characterized by negative absorption, a low transaction level, and paradoxically higher rental rates.

  • A lack of momentum and no notable deals were completed in the region, with no individual transactions being greater than 7,000 square feet in any of the submarkets.
  • Despite the negative absorption in the region, average asking net rents rose to $16.07 per square foot or 8.0% year over year.
  • Majority of the Vacant space in the region continues to be found in the Downtown Kitchener submarket, which now makes up 47% of total vacancy across the region.


Waterloo Office Market Report Q1 2022

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For More Information, Please Contact:

Karl Innanen

Executive Vice President, 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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Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

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