Q1 2022 Toronto Office Market Report

The Toronto and Greater Toronto Area (GTA) office markets continued to experience increasing vacancy, growing to 9.6%, up from 9.3% in Q4 2021. The largest increase in vacancy over the quarter was seen in the Toronto North Submarket, in which vacancy increased by 0.9%. The Downtown Core saw an increase of 0.4% quarter-over-quarter while the Midtown market saw an increase of 0.5%. Over Q2 and Q3 of 2021, there were improvements pointing toward an office recovery with two straight quarters of positive absorption in the Downtown Core. With that being said, Q4 2021 and Q1 2022 saw negative absorption across the GTA and the Downtown Core. In Q1 2022, there were approximately 1,000,000 square feet of negative absorption across the entire GTA, and 371,000 square feet within the Downtown Core.

Read our Market Report for more details.