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Waterloo Industrial Market Report Q3 2023

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research article

Vacancy rates in the Waterloo Region industrial market in Q3 2023 experienced a minor increase, although they remain under 1.0%. Therefore, despite the increase, finding suitable space for potential occupiers is still proving to be difficult.

  • Scarcity is a bigger issue in the land market. Small parcels of development-ready land are in short supply. Hence, even though land prices have stabilized, they continue to stay out of reach for owner-occupiers.
  • Construction projects are in full swing and with 1.7 million square feet of the 6.2 million square feet under construction scheduled to be completed over the next three to four months, this will lead to a dramatic increase in inventory as well as available space in the market.
  • Interest rates have yet to impact owner/occupier prices and demand, but the time required for mortgage approval and associated hurdles are adding challenges in consistently getting deals across the finish line.


Waterloo Industrial Market Report Q3 2023

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Pour plus d’informations, veuillez contacter:

Bobby MacDonald

Managing Director, Brokerage | Southwestern Ontario

Waterloo Region

Bobby MacDonald serves as the Managing Director, Brokerage for Southwest Ontario.  In this role, he leads the Kitchener/Waterloo  and Burlington teams in setting the strategic plan to grow revenue, market share, and serve our clients to the highest possbile standards. 

Bobby is an experienced leader with over 20 years managing operations, sales, and client relationships. Prior to joining Colliers in 2022, he was the Director, Operations for NTT’s Millennium 1 Solutions. In his role, he managed frontline customer service in core verticals of Financial Services, Retail, eCommerce, Telecommunications and Government. He was responsible for site launches and recruitment in Thunder Bay, Sudbury, Quebec, and various teams throughout Manila and South Africa.

Bobby's ability to create strong relationships with key landlords, tenants, and brokers has been a great accelerator in his day to day activities and career.

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Adam Jacobs

Head of Research | Canada

Toronto Downtown

Colliers Canada's head of research, leading a cross-country team of 20 mapping, analytics and research professionals. Formerly head of Canada research at Cushman Wakefield and Director of Analytics at Oxford Properties. Featured in mainstream publications such as the Toronto Star, industry publications and podcasts. Specializing in the big picture and the fundamentals driving real estate - demographics, the macro environment and the global economy. 

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