High Tech Holds Promise for New Kitchener Office Mandate

Dundee Realty Management Corp. engages CBRE Limited to lease Kitchener office portfolio

Kitchener, November 11, 2013 - Make no mistake, the technology sector continues to grow and start-ups are driving demand for office space in downtown Kitchener, Ontario.  Dundee Realty Management Corp.  recently announced that the company was engaging CBRE Limited to lease  the vacancy in their office portfolio in Kitchener, and officials at CBRE see great promise in the mandate. Dundee owns six buildings in downtown Kitchener, which accounts for the majority of the Class A office buildings in the core.

“The location and quality of the Dundee office space will appeal to tenants across the region. This portfolio has a lot of potential and should be considered by growing tech companies that are looking to establish themselves in space that is reflective of their creativity and helps them to attract top talent,” Peter Whatmore, Senior Vice President for CBRE Limited. “As we learned from our experience with The Tannery last year, there is demand for modern, collaborative office space; however, there are few other options that have the available space and quality stock necessary to accommodate this demand.”

The Kitchener office market has a 10.3% vacancy rate overall and is home to the highest quality available office space in the area, given the fact that there is only 2.4% vacancy in  uptown Waterloo. The Kitchener market has been spared recent turbulence in the market and the vacancy rate is expected to decrease.

“CBRE’s listing team is a strong partner for us in Kitchener and across Southwestern Ontario. We are confident that they will be able to apply their experience with a variety of office space users, including those in the technology sector, to assist in leasing the vacancy in office portfolio in Kitchener,” said Samantha Farrell, Vice President, Leasing for Dundee Realty Management Corp.

“The network of start-up companies in Kitchener continues to grow. The Dundee portfolio provides unique opportunities for tenants and is likely to play a significant role in the future growth of the regional economy,” said Whatmore.

 

 About CBRE

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2012 revenue).  The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.

In Canada, CBRE Limited employs approximately 1,850 people in 22 locations from coast to coast. Please visit our website at www.cbre.ca.