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Waterloo Office Market Report Q4 2023

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research article

Despite elevated vacancy rates and negative quarterly absorption, positive long-term trends can be uncovered in Waterloo Region’s office market.

  • Even though Waterloo Region’s availability rate this quarter sits at 14.8% in Q4 2023, that number is down from 20.4% from Q1 2022 when availability peaked.
  • Furthermore, the vacancy rate has dropped from 17.5% in Q1 2022 to 13.2% this quarter. This means that over 600,000 square feet of office space has been absorbed across the market.
  • Even though conversations around the office market in Waterloo Region are centered around its stagnation, there has been significant activity over the past 20 months.


Waterloo Office Market Report Q4 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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