Vacancies: 2.2% ↓
Rents: $973 ↑
Waterloo Region’s Largest City Has Large Market in Northern Neighbour’s Shadow
The city of Kitchener’s apartment market is larger and more concentrated than all of the other cities and townships in the region combined.
The City of Kitchener is a well-established city with a history of being a strong industrial centre with a very blue collar market. But while other industrial centres have suffered from ageing infrastructure and global competition reducing its manufacturing base, Kitchener has avoided these downturns by diversifying its economy.
In the past decade, a major auto-parts manufacturer closed, but this did not seriously affect the economy as other industries took up the slack. Industries based on old technologies, like Electrohome’s television factory, have been replaced by high-tech industries, like Christie’s Digital Imaging. The disused industrial stock has been converted to new residential units, and Kitchener’s downtown is booming again. Whether by luck or wise investment, Kitchener’s persistently strong economy has attracted people, making the city the 21st largest in Canada.
Several major developers added hundreds of units over the past decade. In spite of this large concentration of apartments, rents in Kitchener are only slightly below the regional average and these have been increasing at an average rate of 1.32% per year over the past five years.
The City of Kitchener has made considerable investment revitalising its downtown core, redeveloping old industrial stock for commercial and residential use.High-tech companies, including Google, have chosen to set up shop here rather than in the city of Waterloo, so Kitchener is sharing in its northern neighbour’s high-tech boom. All indications are that Kitchener, like the City of Waterloo, will be a good place to invest in the coming years.
- Given the growth, new construction has been and will be absorbed easily into the market.
- City’s place in Waterloo Region will ensure strong growth and favourable demographics.
- Opportunities for buying, building and repositioning exist, especially along major transportation routes.
- There has been some consolidation in the market. Further consolidation could put pressure on smaller owners.
- A wide range of sizes and ages exist among current rental stock, something for every buyer.
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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.