•An RC Class (Restoration/Conversion) was established within the office market inventory this quarter as Waterloo Region undergoes a transformation to its market with the emergence and popularity of Brick & Beam office space. These spaces are primarily focused in Kitchener’s Downtown core.  A further elevation was made to a series of modernized and aging office buildings to distinguish the RC building class and appropriately reflect the Region’s current office market state.

 

•Growth continues to be driven to the Region through the technology sector and start-up initiatives and funding. This area was ranked second in terms of density of start-up companies compared to the population – coming in short of first place holder Silicon Valley in San Francisco. A total of $190 million in venture capital funding was raised this year by tech companies head-quartered here in the region – with an additional $489 million raised by companies with significant operations in the area.

 

•Construction has started at the Perimeter Development Corporation’s latest project, 345 King West in Downtown Kitchener. This is the first office tower to be built in the area in 25 years. Due in Q4 2019, the LEED Gold office building – totaling 116,000 sq.ft. over 6 floors – will offer a modern, mixed use design with main floor retail and will attract new talent to Kitchener’s Innovation District.