General Urban Kitchener Updates and Rumours

[BuildingScout]

I remember reading an article in 2009? that said there was lots of vacant office spaces in the office buildings, Since office's are opening in retail spaces now does that mean all the office spaces are full?

Here's what Cushman Wakefield has to say about it:

“Although the vacancy rate is over 15 per cent, most companies are finding it difficult to locate office space that meets their needs,” said Michael Polzl, Cushman & Wakefield Waterloo Region Office Managing Director.


The older Downtown office towers, built in the 1970s and 1980s, lack the amenities and character that tech firms are looking for. This includes collaborative common areas, flexible floorplates that support increased density and productivity, and sustainable features such as bike lockers and proactive energy management. Most importantly, the gross occupancy cost for older buildings can be much higher than that of Brick and Beam space, and can even be higher than brand new space. Such higher costs are a result of inefficient building systems, as well as higher repair and replacement costs associated with managing older systems.

The trend of tech occupiers gravitating to Brick and Beam buildings began across North America in the early 2000s and has continued throughout 2013, especially in Kitchener. Former industrial buildings converted to modern office space in the Kitchener urban centre have never been in more demand, with firms like Embium, Thalmic and Vidyard moving into converted buildings.

http://www.cushmanwakefield.ca/en/centra...o-markets/