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CBRE Sells 93k SF Accelerator Building in Waterloo Region

April 8, 2026 5 Minute Read

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Todd Cooney in front of Waterloo Technology building

CBRE’s Todd Cooney, alongside Colin Currie and Gerry Miovski, have sold the Accelerator Building, a 93,000 sq. ft. office building and leading innovation hub at 295 Hagey Blvd. in Waterloo Region.

CBRE represented both the vendor, local landlord Europro, as well as the buyer in the transaction.

“This deal highlights continued investor demand for well‑located, institutional‑quality office assets supported by long‑term market fundamentals,” Cooney says.

The Accelerator Building is located in University of Waterloo’s David Johnston Research + Technology Park, a tech ecosystem. The park benefits from a diversified, innovation-focused tenant profile that in addition to the Accelerator Building includes GeoSyntec Consultants, NAVBLUE and homegrown firm OpenText.

All three firms have worked with CBRE’s Innovation Corridor Group. “It’s a beautiful arrangement” Cooney says. “This park is a microcosm of the Waterloo Region economy in one address. It’s where startups are born, scaleups accelerate, and global enterprises put down roots.

“It showcases what’s possible here: a purpose-built environment inside the Innovation Corridor that connects talent, capital, and world-class occupiers.”

Region on the Rise

It’s an exciting time for Waterloo Region. CBRE’s 2025 Scoring Tech Talent report saw the Region rise an impressive 11 spots over its 2024 ranking, moving up to #7 in the list of North America’s top tech talent markets due to strong job growth among computer and information systems managers.

And Cooney says there are no signs of things slowing down in 2026. “We’re no longer just looking at software companies – we’ve seen robotics, AI, quantum computing, medical technology and other verticals expand within the last 12 to 24 months thanks to increased funding and the expansion of incubator facilities.”

Two Kitchener, ON-based medical companies recently received $450,000 from the Ontario government’s Life Sciences Scale Up Fund, helping them adapt AI and automation technologies to improve workflow and increase production capabilities.

Earlier this year electronics manufacturer Voltera Inc. secured $1.7 million in funding to accelerate production and hire additional employees. And incubators like Accelerator Centre, Velocity and Communitech are helping to foster new companies, adding to that growth.

“Office deal velocity has been down since 2022,” says Cooney.  “We are now experiencing a resurgence in 2026 with increased tour activity and companies focused on ‘Flight-To-Quality’ space.”

Cooney recently leased ~25,500 sq. ft. of creative space at the Tannery, which is anchored by Communitech, and leased 6,562 sq. ft. in The Glovebox, a new development in the city’s Innovation District. Cooney and his team (Dean Mariani; Jessica Kouleas) have completed over 225,000 sq. ft. in office leasing in downtown Kitchener over the last two quarters with renewals and net new deals.

“Companies in these spaces fully appreciate the importance of a strong work culture, and the need for talent to be surrounded by other talent to spur innovation and grow their businesses,” he says.  

Waterloo Is Ready for its Close-up

Waterloo Region has been witnessing the renaissance of its tech community.

“We’ve got great workspaces with wonderful infrastructure and ample tech talent here,” says Cooney, “and we’re seeing companies that in the past that would have opted for Toronto take a closer look at the cost benefits of the Waterloo Region.”

Major tech firms like Google (Canada) and Blackberry were among the first to establish themselves in the Innovation Corridor. And in recent years startups in new verticals such as medical technology and advanced manufacturing have followed.

“On a macro level, Canada and Waterloo Region in particular is seen as a safe haven for global tech companies,” says Cooney. “We’ve got a lot going for us, including a growing pool of tech talent, leading post-secondary education institutions, and the affordable cost of living and real estate here.”

“Our Region is resilient,” he adds. “We have great creative leaders who want to see companies succeed. When you set the stage for tech talent to thrive like Waterloo Region has done, that’s when the magic happens.”

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