Q1 2024 Toronto Office Market Report

In the first quarter of 2024, the office market vacancy rates increased from 11.9% to 12.1% and are projected to increase over the following quarters in the GTA. Availability rates also rose from the previous quarter’s 14.2% to 14.8%.

We are seeing a significant decrease in velocity. Some subleases have been on the market for years, with some being taken off the market altogether because of a lack of activity. We are still seeing that “quality” is the operative word in the office market. Many built-out spaces are more attractive to tenants as having existing furniture and facilities is becoming more of a standard in the downtown market. We have observed a general slowdown in the office market. More companies are asking employees to come into the office, which is a trend we have been seeing in recent quarters; usually a request to come in 3 or 4 days per week, but less commonly for the pre-pandemic standard of 5 days per week.

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