Waterloo Region Office Figures Q4 2023

January 22, 2024 5 Minute Read

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       The Waterloo Region market held steady as a slight increase in vacant space was recorded of 10 basis points (bps) to 13.7%

       Vacancy in the Total Core increased 120 bps to 23.3% as the cost of construction to build out shell condition units continued to be an inhibiting factor. By comparison, the Total Suburban vacancy rate dropped 30 bps to 9.4% as the market possesses more available turnkey solutions.

       Many planned construction projects have paused in the face of higher vacancy rates with the number of properties under construction dwindling over the past three years.