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