Over 1,000 tech companies call Waterloo Region home. These include the world’s innovators such as 2GRoobotics, 3M, Aeryon Labs Inc., Electronic Arts, Foursquare, kik, SAP, OpenText, Thalmic Labs and more. Renowned Research Centres are based here too, including the renowned Perimeter Institute for Theoretical Physics, Institute for Quantum Computing, Waterloo Institute for Nanotechnology, Centre for Bioengineering and Biotechnology and others. Waterloo Region’s economy has graduated from dependency on its universities and colleges.
University of Waterloo’s unique IP policy is credited with much of the overwhelming growth of the tech sector in the city. By allowing students and/or professors to retain Intellectual Property ownership of their inventions, unlike other schools that claim ownership, University of Waterloo fosters innovation and entrepreneurship. Now hundreds of start-ups have become established and employ a growing number of graduating students.
To take advantage of the pool of highly trained talent coming out of the University of Waterloo and Wilfrid Laurier University, tech powerhouses such as Google and Microsoft have established offices in Waterloo. Overall, a 2017 CBRE report found that Waterloo Region added 8,400 tech jobs between 2011 and 2016 – for a 65.6 per cent growth rate, higher than any other market in North America except for Charlotte, N.C.
These days, students who come to Waterloo for education are likely to find jobs and a vibrant place to build their future. According to the region’s economic development website, “Many of Canada’s brightest and best young people have chosen to study, work and live in the Waterloo area.” Wilfrid Laurier University’s alumni services have reported that 14.5% of their graduating students are still living in Waterloo Region after they graduate. Contestoga College reports that over 65% of graduates will work in the community.
This offers long-term opportunity for those investors who provide them with quality academic accommodations. In great news for those looking to buy quality rental property in Waterloo, suites in a built condominium building located in a prime location is released for sale, starting from the $580’s and starting from $371 per square foot.
At 261 Lester Street, this popular five-storey mid-rise offers 19 five-bedroom suites and 19 parking spaces with bike storage. The high quality, fully-leased mid-rise building offers five-bedroom suites with two bedrooms and high-end finishes.
This is a rare opportunity just a 5-minute walk to both the University of Waterloo and Wilfrid Laurier University, near Conestoga College and local amenities. Flexible closings are available from 30-day 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.
Over the past 15 years, Prica Group has demonstrated their acumen in the Waterloo market and now boast net worth of $514 million in assets including residential and commercial properties, land and a leading property management company. Now investors can have a piece of their action. The condominium building offering is top of the class. Those who are interested should visit www.kw2own.com
or call 437.928.2588. Showings are available.
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On the surface, the rental housing market within walking distance of Waterloo’s two universities is built on students. But dig deeper. The foundations have grown strong and wide to include young professionals working in Waterloo’s vibrant tech sector, second only to Silicon Valley in start-ups.