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.
