Toronto Office Real Estate Market
Q1 2026 Toronto office market reported vacancy rate (GTA overall) at 15.5%. Avg asking rent (all classes, gross) at $52.41/sf and downtown office cap rate (Class A) at 6.5%. Additional indicators included downtown vacancy rate at 14.4% (-10 bps QoQ, -330 bps YoY), net absorption (YTD) at 312K sf, and under construction at 1.8M sf.
Vacancy, net asking rents, cap rates, absorption, submarket detail and public-REIT exposure across Greater Toronto Area, drawn from broker research. Q1 2026 · Updated July 15, 2026.
Sources: Colliers caprates capital markets Q1 2026; Cushman & Wakefield office Q1 2026 · Q1 2026 broker research
Vacancy rate (GTA overall)
15.5%
1 broker source
Downtown vacancy rate
14.4%
1 broker source
Avg asking rent (all classes, gross)
$52.41/sf
1 broker source
Net absorption (YTD)
312K sf
1 broker source
Under construction
1.8M sf
1 broker source
Downtown office cap rate (Class A)
6.5%
1 broker source
REIT Stack view · Greater Toronto Area
GTA office has flipped from a demand problem to a supply problem — a dead pipeline hands trophy and Class A landlords a multi-year pricing runway