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Asking rent per square foot of office space in Toronto Q2 2020, by submarket

In the second quarter of 2020, the asking rent for office space in Downtown Toronto amounted to 38.79 Canadian dollars per square foot. Downtown Toronto was the most expensive submarket in the city, followed by Midtown Toronto and then the suburbs.

Toronto’s office market

Toronto is the capital of Ontario and a global financial center. Ontario generates a large portion of Canada’s GDP, which means that office real estate is vital for the region. Downtown Toronto had significantly more available office space than Midtown Toronto, but both submarkets had similar vacancy rates.

Comparison with other leading cities

Toronto had the lowest vacancy rate for office space among leading cities in the Americas in 2019 and its vacancy rate was half that of Vancouver’s. Vancouver had the second lowest vacancy rate, whereas Montreal had the highest among the cities in the region. Vancouver has one of the most expensive housing markets globally, yet demand for office space in lower than in Toronto.

Asking rent per square foot of office space in Toronto in the 2nd quarter of 2020, by submarket

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Source

Release date

2020

Region

North America, Canada

Survey time period

Q2 2020

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Statistics on "Office real estate in Canada"

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