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Waterloo Office Market Report Q1 2023

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research article

Companies continue to divert their demand for office spaces from Downtown Kitchener to the Waterloo market, even though higher-class spaces are in the city’s core. Brick and Beam spaces have also lost some of their charm in the eyes of certain tenants. This aesthetic that was once cutting edge is becoming more of a barrier to entry for potential occupiers.

  • A key trend prevalent in Waterloo Region’s office market is that the inventory available does not match the demand for what is being sought after. Tenants are looking for smaller pockets of space, which is much harder to find compared to larger of pockets of space that will not fit the needs of many.
  • With no new construction or supply for the quarter the Waterloo Region Office market is at a standstill in terms of investment activity, although with the overall vacancy rate dropping to 11.3% for the quarter, leasing activity continues to flow.


Waterloo Office Market Report Q1 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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