Asking rent per square foot of office space in Toronto 2024, by submarket

Published by Statista Research Department, Sep 12, 2024

In 2024, the net asking rent for office space in Downtown Toronto amounted to 37.2 Canadian dollars per square foot. The most expensive submarket in the city was the Financial Core - a location concentrating a major share of the office inventory, with a rapidly developing new stock.

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

Offices in Toronto have a higher vacancy rate than the national average. Overall, vacancy rates were the lowest in Vancouver and Montreal. 

Asking rent per square foot of office space in Toronto in 2nd quarter 2024, by submarket (in Canadian dollars)

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Release date

2024

Region

North America, Canada

Survey time period

Q2 2024

Special properties

Class A; average net rent

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