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Waterloo Office Market Report Q2 2023

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research article

The Waterloo Region office market for Q2 remains in a wait and see phase as rents settle and new trends emerge to tackle oversupply. Europro has announced that it plans to convert 22 Frederick Street which is a 12-storey B Class office building in Downtown Kitchener into a 91-unit residential tower with a mix of 1- and 2- bedroom suites. This marks the 3rd residential conversion project in the market along with Allen Square and 30 Duke Street.

  • Downtown Kitchener is already seeing a surge of upcoming high-rise residential development with the likes of TEK Tower, Union Towers, and Young Condos just to name a few either planned or currently under construction projects. The demand to absorb all this new supply remains to be seen, especially if the trend for the conversion of excess vacant office space continues going forward.
  • Even after the removal of close to 100,000 square feet of vacant office space from the Downtown Kitchener office market, vacancy continues to remain high, and the market favors the tenant. Therefore, landlords will have to provide increasingly attractive incentives to tenants to occupy spaces.
  • The market for spaces that are 1,000 – 5,000 square feet remains tight, and demand remains strong. This is indicated by the fact that approximately 88% of the total vacant space is constituted by spaces above 5,000 square feet.

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Waterloo Office Market Report Q2 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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