Availability in the Waterloo office market continues to rise, with historic levels of available sublet space in the Region.
- Negative absorption was recorded for the third consecutive quarter, leading to one of the longest periods of negative absorption since 2017.
- Despite increases in available sublease and direct lease space, face rates are continuing to hold steady and have even seen an increase of 0.9% year over year.
- Sublease availability has seen its slowest growth in the past 3 quarters, showing signs that the office market could start to recover and rebuild by the end of 2021 or beginning of 2022.
