Asking rent per square foot of office space in Toronto Q1 2022, by submarket
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 office space inventory than Midtown Toronto, and also a lower vacancy rate.
Comparison with other leading cities
Toronto had one of the lowest vacancy rate for office space among leading cities in North America in 2020. 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.