Q2 2022 Toronto Office Market Report

The Toronto and Greater Toronto Area (GTA) office markets continued to experience elevated vacancy levels, reaching the double-digit mark at 10% in Q2 2022, a 40 bps increase from Q1. The largest quarter-over-quarter increase in vacancy was seen in the Toronto North submarket, where vacancy increased by 0.7%. The Downtown Core wasn’t far behind with an increase of 0.6%, while the Midtown submarket’s vacancy essentially remained stable. Q2 and Q3 of 2021 showed signs of improvements with two consecutive quarters of positive absorption in the Downtown Core, possibly indicating a return in demand for office space. However, Q4 2021 and Q1 2022 saw significant negative absorption across the GTA and the Downtown Core. That trend continued in Q2, with 800,000 square feet of negative absorption across the entire GTA.

Read our Market Report for more details.