Last Updated on October 24, 2023 by CREW Editorial
Called Canada’s Technology Triangle, Waterloo Region comprising Kitchener-Waterloo-Cambridge is the second fastest growing market in North America. A recent release of prime rental real estate has savvy investors taking a closer look.
As recently reported in Techvibes, CBRE’s 2017 Scoring Canadian Tech Talent puts Waterloo in the first place when it comes to tech job growth for the second year in a row, adding 8,400 tech jobs in the last five years. Deloitte’s Fast 50 includes six Waterloo Region tech companies on their list. Ottawa’s pride-and-joy Shopify, in Waterloo since 2016, will soon be opening up a second office that will add 300 to 500 employees over the next 3 years.
Despite one of the highest labour costs, Waterloo Region boasts the highest quality tech talent pool, an asset that attracted Google and Microsoft to create offices in Waterloo. This hive of tech creativity means that many students find work and remain in the Region after graduation. A 2014 report from Wilfrid Laurier University Alumni Services revealed that almost 15% of their graduates put down roots in Waterloo Region, a number that is undoubtedly higher among Waterloo University alumni.
Located in a prime location near the Idea Quarter, the just-released 261 Lester is ideally placed to provide accommodation for these young tech professionals. Appealing to students as well, the building is a short 5-minute walk to both the University of Waterloo and Wilfrid Laurier University, near Conestoga College and local amenities.
This fully-leased mid-rise building offers a real long-term opportunity for investors. Suites at 261 Lester are offered from the $580’s, and starting from $371 per square foot. This high-quality building offers 19 five-bedroom suites, each with two bathrooms, high-end finishes, and 19 parking spaces with bike storage.
Flexible closings are available from 30-days to March of 2018. Also included is a Rental Guarantee with Free Property Management from KW4Rent, for 2 years from the purchase of the unit.
CBRE recognizes the region’s strength due to the dense clustering of the high-tech industry with over 400 high-tech firms operating in Waterloo Region. This situation shows no signs of slowing, rather the opposite with new applications for tech innovations being announced almost daily. With the likes of Uber and other global powerhouses targeting the city with exclusive events, such as UberPITCH, others are flocking to the region at a rapid rate. In Waterloo, the sky’s the limit!
This opportunity comes from Prica Group, offering investors over a decade of experience in this fast-growing market, with residential and commercial properties and a leading property management company. Interested investors should visit www.kw2own.com or call 437.928.2588. Showings are available.
