On average, listings lease in the $10's per square foot per year. The Waterloo region is seeing a decline in rates. In the last 3 months, the median rate fell $3 per sqft per year. That's a 15% decline in rent.
In the last 90 days, 26 listings have been listed, which means office spaces most likley are going fast. You'll want to be prepared to tour spaces as quick as possible. About 4% of the office spaces in the Waterloo are subleases, so you will probably need to consider the implications of signing a direct lease with the building. There aren't many listings below 2,000 square feet posted, so finding a space for a small business might be tough.
Even though the median size is 3,300 sqft, there are still 0 spaces below 2,000 sqft. Most buildings in this market are around 1 floors. Most buildings in this region were built in 1976 and are Class A.