The Works Burger has signed a deal to move into the former Janet Lynn’s space at 92 King Street South in Uptown Waterloo.

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New Kitchener Waterloo Restaurants

This is the latest restaurant chain to come to Kitchener Waterloo; the Honest Lawyer recently announced plans to move into the main floor of 305 King Street in Kitchener, CARA has opened three new restaurants at the Boardwalk (Montana’s, Milestone’s and a Swiss Chalet), Prime Pubs just opened Fionn MacCools in Deer Ridge, Moxie’s is coming to Kitchener,  Charcoal Group is opening two Beertowns (Uptown Waterloo & Cambridge) and there will be more restaurants opening in KW soon.

Many of the large restaurant brands are actively looking for sites in Kitchener and Waterloo, and one popular restaurant has recently found space in Waterloo – but they haven’t publicly announced it yet and I don’t want to ruin their surprise.

Why Retail is Drawn to Kitchener Waterloo

As we talked about in 2011 (Kitchener Waterloo Commercial Real Estate is HOT),  major brands like Apple, Target, CARA and Prime Pubs seeking to establish or expand their presence in Kitchener Waterloo.  Why?  These brands want access to our market place – high levels of employment & a  lower cost (but not standard) of living means that residents of Waterloo Region have more disposable income to spend, and retailers want to tap into that.  We expect this trend to continue.

Looking for Space in Kitchener Waterloo ?

If you are a retailer looking for space in Kitchener Waterloo, we would be happy to assist you in your search. We have a number of high profile commercial sites available, and we conduct off market searches for our clients.

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Sage Condos Sales Update

Sales launched today in Waterloo, and the building already has a majority of the units sold.  There is an extremely limited supply of 3 bedroom condos,  and a decent selection of 5 bedroom condos.  Contact us immediately to reserve the condo of your choice.

Sage Condos is sold out, save for 3 penthouses which have not been released yet.  We have similar product available, contact us for details.

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Sage Condos, Waterloo Ontario

This week we have had a lot of interest from real estate investors in Waterloo’s newest condo development, Sage Condos.

If you would like to review the cash flow projections and  condo floorplans click here to send us an email and we will send you full information.

Sage is a pre-construction condo development at the corner of Hickory & Spruce in Waterloo, very close to Wilfrid Laurier University, and steps to King Street.

Like most of the development in the surrounding area, this building is targetted to students; what sets Sage apart is that it is built to appeal to the sub market of students looking for a premium housing solution, something nicer than the typical apartments around campus, and they’re willing to pay premium rent for a premium condo.

Waterloo’s Student Housing Market

New Building in Waterloo’s Student Housing market  have been in strong demand by real estate investors because of the strong & stable cash flow they offer.  The issue that most investors have is that the size of these student housing apartment building (typically priced from $1,200,000 and up) require more equity invested as a down payment than may be available.

Sage Condos solves this problem, by offering a brand new student rental building with condominium ownership – meaning that you can buy one unit in a brand new building rather than having to buy the entire apartment building.

The Sage Condos Opportunity for Real Estate Investors

Sage Condos has been specially designed to be an easy real estate investment to own.

The developer has partnered with DOMUS property management to offer turn key hands off property management for owners, and DOMUS has a very generous incentive offer available for people who purchase at Sage (full details available).

The developer is also offering a rental guarantee for the first year, something that is not available with other new condo developments in Waterloo.

Action Required

If you’re interested in a hands off student housing investment, this property is worth strongly considering.

If you would like to review the cash flow projections and  condo floorplans click here to send us an email and we will send you full information.

Public sales start Monday January 23 2012 and the developer is expecting to sell out very quickly.

Advance sales have been strong, and we think the pace will accelerate when access is opened up.

If you would like to receive priority choice of units, contact me immediately.

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The last couple of years have seen some huge brands set up shop in Waterloo Region, with others announcing plans to open in 2012 and 2013.

Brands such  as Google, Apple, Coach and Marshall’s have come into Kitchener Waterloo – Google expanded from a small Waterloo office to a large presence at The Tannery in Kitchener – and soon enough we will see a few Target stores  in the Region.  Plus the rumours (so far not confirmed) that Facebook is coming to Kitchener, and that Whole Foods has a site picked out too.

Why are companies coming to Kitchener Waterloo?

Office Tenants

The last few years have been eventful in the Kitchener Waterloo Office Real Estate market.

The Tannery was converted to office space, and today houses Google, Desire2Learn, Communitech, RIM and start up companies that are among the most successful in the country.  It is across the street from a vibrant residential loft building, and a Medical School.

The Breithaupt Block is currently being converted, bringing an additional 175,000 square feet of Class A Brick  & Beam space to the Innovation District in Kitchener.

In the last two years, RIM has built and occupied hundreds of thousands of square feet of Class A office space in North Waterloo, as well as additional space throughout Waterloo Region.

DUNDEE REIT acquired the REALEX portfolio (formerly the locally built CORA portfolio) as well as another building downtown on King Street.

The reason that international tech leaders like Google are setting up large presences in Kitchener Waterloo is that Waterloo Region contains lots of smart, highly skilled workers.  University of Waterloo, Conestoga College and Wilfrid Laurier University produce very smart graduates, and the region has a culture of technological entrepreneurship that encourages people to think differently and innovate.

Companies want a bit of that magic.

Retail Tenants

Retail tenants want to come to Waterloo Region to sell goods to us – residents on the region have a higher than average employment rate, and a lower cost of living, leaving more money left over to spend shopping and eating out at restaurants.

We have seen major national tenants set up retail stores in town – most recently the Apple Store at Conestoga Mall, soon to be joined by Target – and Lululemon has a temporary store at the Uptown Waterloo Shops and is rumoured to be evaluating a permanent presence in Waterloo Region.

As I mentioned above, in addition to the restaurants that have announced new stores in the area, there are several prominent chains in the site selection process, looking at sites throughout Kitchener Waterloo and Cambridge.

What brands do you want to see come to Kitchener Waterloo?

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570 News is running a story (below) in which they say they’ve confirmed that Facebook is coming to town.  At the moment, the only source for this is ” the company doing the work on the building.”

The Record is reporting

“Tony D’Angelo, of AIM Environmental Group, led the cleanup of the site that included the removal of 18 underground storage tanks.

D’Angelo said Facebook’s move to Kitchener was openly talked about at the job site, but nobody at the city, Facebook, the company redeveloping the buildings or the high-tech community could confirm it.”

Other commercial REALTORs I’ve spoken too have also heard the rumours but nothing concrete.  The brokerage team that acted for Facebook in their recent Toronto lease is tight lipped, according to a friend who spoke with them.

In search of confirmation, I reached out to a friend of mine at Facebook who told me they spoke to “[people in California] and haven’t heard anything about a move to Kitchener. Seems to be just a rumour.”

So, we shall see.  Certainly great news for Kitchener Waterloo if it materializes!

Facebook “Likes” Kitchener

570 News has confirmed that Facebook will be setting up an office in Kitchener at the Breithaupt Block that’s currently being re-developed.

The author of an article in a construction industry newspaper tells 570 News the company doing the work on the building indicated that it’s for the world’s largest social media website.

Benjamin Bach, a commercial Realtor with Keller Williams tells 570 News he’s heard the rumour for some time now.  

“They want to have a presence here in the Region, so I haven’t been able to confirm directly with Facebook, although I did reach out to somebody in California earlier that they are coming here, but it definitely fits with what we’ve been hearing in the rumours, as well as some the moves that the other global tech giants have been making.”

Bach says the location would be perfect for the company and has a lot of character.

“It’s right at King and Breithaupt so it’s just a block off from the planned Regional transit center as well as the University of Waterloo pharmacy school and the McMaster Health Science and the Tannery, so it’s really right it the heart of the innovation district.”

The Breithaupt building site has 175 thousand square feet of office space. The Stoney Creek company that’s taking care of the environmental abatement tells the construction industry newspaper its being  asked to create three swaths right through the building, then prepare the structure for small outdoor courtyards that will be built inside the block of buildings.

Benjamin Bach says based on the tech sector here in Waterloo Region and intellectual capacity from the Universities it the only make sense.

“This is just part of a trend we’re seeing of retail and office tenants wanting to have a presence here in Waterloo Region. Hopefully we’ll be seeing Mark Zuckerberg here in the Region in the next couple of years.”

There is no time line as to when the company would open its doors for business. The social media company’s head office is in Toronto.

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Harp Arora on Facebook asked about a location in Kitchener vs Waterloo.  From what I’ve heard, Whole Foods wants a site that has at least 40,000 square feet of retail, and sites that size are easier located in Kitchener versus Waterloo.

Further info as it becomes available …

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Lululemon in Waterloo

For now, Lululemon can be found inside Waterloo Town Square at 75 King Street North in Waterloo, Ontario.

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Facebook moving into the Breithaupt Block in Kitchener ?

UPDATE: 570 News has confirmed that the “company doing the work indicated it is for Mark Zuckerberg’s company” Facebook.

UPDATE 2: The Record is now reporting:

“D’Angelo said Facebook’s move to Kitchener was openly talked about at the job site, but nobody at the city, Facebook, the company redeveloping the buildings or the high-tech community could confirm it.”

It seems that every week we hear a new announcement about tech success in Waterloo Region.  This week, the rumour is that Facebook is looking at space in Kitchener’s Breithaupt Block on King Street.

The Breithaupt Block is a former factory which is owned by Perimeter Development and Allied REIT and is being redeveloped into Class A offices.  The building is being leased out by Colliers, and John Lind from Colliers gave me a tour of the site earlier this week.  It is going to be a gorgeous office site for Facebook and the other tenants who will call it home.

DCN ran a story this morning about the remediation work that AIM Environmental Group is doing on The Breithaupt Block, in preperation for Facebook to move in:

Remediation key for Facebook’s new Kitchener, Ontario home

 Kitchener continues to be a Canadian high-tech hub, so it’s no surprise that Facebook is planning a major presence a stone’s throw from the city’s downtown Google offices. The job of selective demolition and environmental abatement on the office site was awarded to the demolition unit of AIM Environmental Group of Stoney Creek, on behalf of client and project manager Zehr Kalman Levesque.

“The site consists of a block of buildings all interlocked, ranging from structures built in the 1930s up until the 1970s,” says Tony D’Angelo, general manager of operations with AIM. “What we were asked to do is to environmentally remediate the building and create three swaths right through the building, then prepare the structure for small outdoor courtyards that will be built inside the block of buildings. We also had to carve a lane way between buildings to access a new parking facility.”

(Full story here)

While the Breithaupt Block isn’t mentioned by name in the article, the picture accompanying the article shows AIM hard at work on the Breithaupt Block site, in preperation for Facebook and other commercial tenants.

If Facebook occupies this space, they will be part of Kitchener’s Innovation District containing tenants like Google, RIM, Desire 2 Learn, Communitech, The School of Pharmacy and more.

Downtown Kitchener gets cooler and cooler every day.

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Last week I met with Matthew Kang from CTV to talk about the Kitchener Waterloo Commercial Real Estate Market, and whether or not there is a slowdown due to Research In Motion.

First off, RIM is doing fine.  70 million subscribers; Billions in profit; zero debt.

CTV was talking about a report Colliers released, which was about the state of the Kitchener Waterloo Office Market, and RIM’s recent effect on it. For a copy of the report, send me an email (benjamin AT benjaminbach.com) or a tweet (@benjaminbach)

Here is the video – scoot ahead to 1:14 to hear me.

Kitchener Waterloo Commercial Real Estate – Still Going Strong

As I told Matt, we are seeing a lot of strength in the Kitchener Waterloo office market.  There are two large office projects going forward on spec – where a tenant has not been secured prior to construction, and the owner builds it on speculation – and another large project which will be announced soon.  The two spec projects – The Exchange by Cooper Construction, and The Breithaupt Block by Allied REIT and Perimeter Development -  are large (200,000 and 170,000 square feet) prominent projects, and show a strength in the local market.

We are working with several developers, end users and tenants on office projects right now.  There is definitely  healthy appetite for quality office space in Kitchener Waterloo!

CTV Looks at Kitchener Waterloo Commercial Real Estate

CTV Southwestern Ontario link

Updated: Mon. Oct. 17 2011 5:25 PM ET

Just one week after Blackberries around the world stopped working, a new report by Colliers International suggests Research in Motion is one of the reasons work spaces around Waterloo Region are vacant.

The report says the region saw strong leasing activity in the early part of 2010, but Colliers International says office developers are now a bit more hesitant to commit.

“What’s happening to them is causing some concerns. It’s not big trouble, but on the horizon, people are starting to wonder” says Colliers managing director, Karl Innanen.

Innanen says uncertainty over the tech giant and the condition of global markets is causing office vacancy rates to creep upwards.

In the past six months, office vacancy rose to just over 12 percent. Waterloo has the lowest of the tri-cities at a little over nine percent.

Innanen insists the numbers should not be interpreted as doom and gloom and adds that vacancies can help give new companies a shot at the market.

“They’re also getting the opportunity to get some skilled labour force. People leaving RIM have now been going to technology and other R&D companies.”

Real Estate Agent, Benjamin Bach says for the most part, the report mirrors what he sees in the field, but says there are still some large office development projects going ahead without tenants. He adds some businesses are looking to expand.

“We’re working with a couple of tenants right now that were previously leasing space. Where they’re now taking a look at developing a much larger space where they’re going to be an owner in it. And it’s because they really believe in the long-term economic health of this region.”

The report also says Cambridge is leading the way in terms of the industrial market, while much of Waterloo’s industrial buildings have been or will be converted to office space.

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This mid rise condo loft development was just completed this year, and has a prominent Uptown Waterloo location at Bridgeport & Peppler.

Momentum Developments is getting a lot of love around Waterloo these days for the release of their new development, RED Condominiums, which debuted last night to a VIP crowd and proceeded to sell out half the building.

the42 Condos on Bridgeport

The residential condos were completed this summer, and the building was registered as a condo last month.  Once a condo building is registered, owners receive title (ownership) and can sell their units on the MLS if they wish.

the42 Condos Resale Prices

Since registration, two condos have sold at the42, and the prices bode very well for everyone who bought back in 2008 during pre-construction.

A 2 bedroom unit was just sold by a private owner, and it sold for $392 per square foot.

A second unit was sold, and it hit $400 a square foot.

the42 Condos have been a very good investment so far – the average price was under $300 per square foot when these were sold pre-construction.

the42 Condo Interior Images

PS – remember these great pics? They’re from a 2 bedroom + den at the42 owned by WonderfulWaterloo member Sampson

Feel like there is more natural light in this kitchen than most other?  You’re right.

The owner of this residence worked with the builder to customize the floorplan, moving the kitchen adjacent to the terrace and it’s wall of windows.  I think it looks terrific – and it’s unique.

Notice the low VOC bamboo floors, just one of the lower impact “green” options that Momentum Developments offered at the42.

the42 Condos For Sale

For pricing & availability of the42 condos in Waterloo, call me at 519-772-4376 or email me directly at Benjamin AT BenjaminBach DOT com.

If you are interested in other Kitchener Waterloo Condos, let us know what you are looking for. We have a selection of condos available under $200,000, as well as other pre-construction developments.  Whatever type of real estate investment you’re looking for, we can help you with it.

There are currently two units at the42 condos for sale – let me know if you’d like to set up a private tour.

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RED Condominiums in Waterloo Floorplans Released

Momentum Developments Newest Waterloo Development - RED Condominiums – has released floorplans for the six floor mixed use development (retail on the main floor, residential condo units above), and they look good.

You can view all the RED Condo Floor Plans here.

Momentum Developments is the firm behind the42 and the BPR Lofts two of the hottest projects in Uptown Waterloo.  BPR Lofts recently finished, and the42 is just wrapping up, with the residential condos now registered, and work just finishing up on the exterior grounds & commercial units.

Their new project – the RED Condos in Waterloo at Allen & King, across from the Bauer Lofts - has units ranging from small studio condos (from 528 sq ft) up to a roomy 1931 square foot penthouses on the sixth floor, complete with wrap around terrace.

Sales at RED Condominiums in Waterloo

Momentum Developments held a VIP launch August 31, and they have already sold more than half of the whole building.  

1 bedroom + den, and 2 bedroom units are still available.

Here, for your viewing pleasure, is the smallest floor plan, and the largest.

Which unit at RED Condominiums do you prefer?

Which do you think will be the better investment?

and the Penthouse:

If you’re interested in the floorplans and more info on the RED Condominiums, send me an email or give me a call.

Keller Williams is not acting for the vendor; this building is building sold directly by the vendor.

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