The Globe and Mail reports in its Tuesday, April 5, edition that Colliers International's managing director in Kitchener, Karl Innanen, says over the 30 years of his career, the first 25 to 27 years, he was "trying to drag people out of Toronto to look at Kitchener-Waterloo, saying, 'Please come and have a look and buy something.'" The Globe's guest columnist Jennifer Lewington writes that Mr. Innanen says, "The spillover effect" from Toronto-area demand over the last two to three years, has made him feel "like a bouncer at a big party trying to keep them out." In the fourth quarter of 2021, industrial vacancy in the Waterloo region fell to 0.7 per cent, according to a report by Colliers, given demand from local and out-of-town land buyers. Average asking net rents increased to a record $8.51 per square foot in the final quarter of last year (up 23.5 per cent over the same period in 2020). Last fall, for the first time, the cost of some industrial land crept above $1-million per acre, spurred by COVID-19 disruptions, causing manufacturers and suppliers to relocate some of their production from abroad back to Canada. The supply-demand pressure comes as municipalities no longer buy land for industrial parks.