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Waterloo Office Market Report Q4 2022

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research article

Waterloo Region’s office sector can be summed up as a tale of two markets. The high vacancy Kitchener Downtown market with many struggling buildings, and the Uptown Waterloo and Suburban markets where vacancy is dropping as tenants move to upgrade their space, and surroundings.

  • The Toronto-Waterloo corridor, which is home to over 300,000 tech workers saw capital investment in tech companies cut in half between 2021 and 2022. Employment at technology companies came under pressure as recession signals started to flash late in the year.
  • The average office building sales price was down dramatically to $207 per square foot, which is over 40% lower year over year.
  • One notable office transaction was Colliers’ sale of Allen Square, a mostly vacant 110,000 square foot building in Waterloo. This was sold to a local developer who will be converting it into a residential site.

Waterloo Office Market Report Q4 2022

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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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