Vacancies: 1.6% ↓
Rents: $1,009 ↑
Waterloo Region’s Southern City Deals With
Manufacturing Downturn and Redevelopment
The City of Cambridge has not had the benefits the City of Waterloo has had in heating up its apartment market. The city’s nearest postsecondary institution, Conestoga College, is far from its three downtown cores. Cambridge’s economy is heavily based on manufacturing, with carmaker Toyota being a major employer. As a result, the city has had to cope with the resulting economic downturn following the 2008 recession. Vacancy rates have reflected this trend.
This may be the result of steps Cambridge has taken to revitalise its urban cores, particularly that of the old town of Galt. By successfully relocating the University of Waterloo’s School of Architecture to its southern urban core, Cambridge has been able to rebuild old industrial stock and increase economic activity in the surrounding neighbourhoods.
Cambridge is working with the Region of Waterloo to increase its transportation links, including additional transit service and express buses between the city and Kitchener. As a result, more and more people are crossing the old boundaries to get from home to work. This trend is expected to increase as the region’s population rises. In addition, its eastern neighbourhoods are seeing an increase in development, some of it related to new residents commuting to jobs in the Greater Toronto Area, and plans are being made to increase these connections, including GO train service.
While Cambridge’s high vacancy rates are a concern, Cambridge is still part of the very active Region of Waterloo, and events that affect the cities of Waterloo and Kitchener will affect Cambridge as well. This city should not be overlooked.
- City’s continuing diversified ownership offers buying opportunities.
- New construction has been and will continue to be absorbed easily by the market.
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Global Director Buildings
Mansoor Kazerouni is an Architect with over 27 years of experience and a significant portfolio of projects completed or underway across Canada, the United States, the UAE, Jordan and India. These include high density high-rise residential buildings, hotels, office, retail, institutional, and complex urban mixed-use developments. A number of these projects have been nominated for and received Urban Design and Architectural Design awards.
Mr. Kazerouni is the Global Director of Architecture at IBI Group, leading a team of over 1,400 Architects, designers and Engineers located in 60 offices worldwide.
Mr. Kazerouni has been a guest lecturer on the subject of architecture and mixed-use design at universities, conferences and various panels. He has also been interviewed on the subject by newspapers, architectural publications, television and other media.
Mr. Kazerouni's abilities and expertise in his field have been recognized by his appointment to the City of Mississauga's Urban Design Advisory Panel, the City of Markham’s Urban Design Advisory Panel and the City of Vaughan's Urban Design Advisory Panel. He is also a past Advisory Board Member of the Urban Land Institute, a member of the Ontario Association of Architects, the Alberta Association of Architects, the Nova Scotia Association of Architects, the Architects Licensing Board of Newfoundland and Labrador, and a member of the Royal Architectural Institute of Canada. He has testified as an expert witness at the Ontario Municipal Board and at Arbitration Hearings related to development sites.
Darryl McCullough CCIM SEC
Broker - Royal LePage Lakes of Muskoka Realty Inc., Brokerage
President - Crescent Equity Management Inc.
Since 1972, I have been given the opportunity to interact with seasoned partners and clients in structuring and organizing both simple and complex real estate transactions involving acquisition, disposition, finance, and consulting in Canada and throughout the United States. It has trained me to bring a unique, personal client-centered approach to each assignment, from simple to complex transactions and the diverse clientele who own them.
In 1984 I received the Certified Commercial Investment Member, CCIM, designation (www.ccim.com); an internationally recognized identity confirming amortized knowledge in the disciplines of investment, development etc.
Another prominent membership I thankfully am able to continue holding is with the U.S. based Society of Exchanges Counselors (www.secounselors.com). This organization shares my belief in pursuing and demonstrating problem solving techniques in the real estate industry based on proven principles of integrity, professionalism, and accountability. Through this organization I continue to dedicate myself to what is true in the discipline of real estate problem solving.
Technology coupled with a learned research and analytical skill set now allows me to carry out these functions with selected projects from my adopted Muskoka home.
I continue to maintain an ever changing “student” learning status not only related to the physical asset, but equal or more importantly, drawing out corporate/personal situations and objectives and then knitting together ultimate benefit packages based on creative solutions via time honoured formulas.