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Waterloo Industrial Market Report Q4 2024

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The vacancy rate of the Southwestern Ontario industrial market in Q4 2024 is 4.2%, which is up almost 300 basis points year-over-year. This is primarily due to the historic levels of new supply entering the market; the near-5.8 million square feet is the most ever recorded in a single calendar year by a substantial margin.

  • Vacancy in existing buildings continues to be just over 1%, indicating that most tenants looking for space within the market still face limited availability.

  • A major portion of the nearly 6.9 million square feet of new industrial supply since 2023, remains vacant as of Q4 2024.

  • Applying environmental measures to industrial properties represents a new trend driven by this recent wave of new industrial supplies.

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Waterloo Industrial Market Report Q4 2024

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For More Information, Please Contact:

Todd Sutcliffe

Executive Vice President | Partner

After working in the energy sector at Shell and Imperial Oil, Todd moved into commercial office leasing and the fit has worked out very well. His experience in oil & gas helped in understanding business strategy, incorporating corporate requirements into lease negotiations and identifying specific office space-related requirements of oil & gas firms. Todd works with his clients to build a real estate strategy that complements their brand, culture and identity while promoting a positive and productive work environment.

Specializing in tenant representation, Todd has worked with clients ranging in size and assisted in both renewal and relocation exercises. This has also included negotiation of expansion space, rights, terminations, and assignment and subletting.  Todd has had the opportunity to work with numerous oil & gas firms, along with legal, financial, and engineering groups.  

 

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Daniel Niedra

Associate Vice President

Ottawa

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Dominic Ricciuti

Associate Vice President | Personal Real Estate Corporation

Victoria

Dominic began his career at Colliers through the co-operative learning program offered through the Peter B. Gustavson School of Business at the University of Victoria. Dominic was offered a four-month co-op extension where he assisted the brokerage team in researching market trends, market analysis, producing marketing materials and valuation. During this time, he strengthened the offices database, providing him with a current and robust knowledge of today’s market. 

Dominic’s areas of specialization are multi-family sales and development land; giving him a strong understanding of the residential development process. Dominic has worked on a number of notable transactions and was recognized as one of the top  five first-year brokers across Canada.  In just his first three years as a licensed broker with Colliers, Dominic has been involved in the sale of over $192 million in real estate. His diverse exposure to different teams within Colliers has provided Dominic with  a well-rounded understanding of the local market and the various sub-markets within; allowing him to offer his clients opportunities and market intelligence early, and firsthand. 

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John Frezell

Senior Vice President, Sales Representative

Waterloo Region

John is in his 34th year of working for Colliers in 2023.  John has been working in the Kitchener office (Waterloo Region) since August of 2000.  John has represented many local and national firms.  Companies such as Waste Management, Drive Products, Crosby Motors, Polyfab, Desco, Corix, Lane Sales and Home Hardware (to name a few), have used John's local knowledge and also have had John nationally represent their real estate needs.  Prior to arriving in the Region of Waterloo, John was the Director of Colliers International in Guadalajara, Mexico from January 1995 through until July of 2000.  During this time John worked with many international corporations helping them secure operations in Mexico.  Some of these companies were Nike, Ford, RSP Manufacturing, Redwood Systems, USCO, BDT, Avnet and Hershey.  John has extensive experience dealing with
multi-national companies and working with corporate mandates.  John began his career at Colliers in 1989 in the Mississauga offices where he worked in both the office and industrial markets.  John’s mantra is “patience, relationships and repeat business.”

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