Skip to main content Skip to footer

Toronto Office Market Report Q1 2022

Download Report
research article

While anticipated returns to office for January 2022 were delayed due to the Omicron outbreak, COVID-19 cases fell steadily throughout Q1 2022, and office attendance bounced back from the post-Omicron lows of early January, motivating institutional and government employers to set firm return to office dates for upcoming months in a variety of hybrid capacities.

  • Despite construction and move-in interruptions over the past two years, new supply reached a 10-year high in Q1 2022 with the addition of 1.8 million square feet of A-class inventory to the Downtown market.
  • Downtown rents marginally increased by 0.7% year-over-year to $36.75 per square foot (psf). Suburban average rents increased 3.3% year-over-year, to $17.13 psf. For the GTA as a whole average asking net rental rates climbed to $25.04 psf, a 13% increase year-over-year, reflective of a greater proportion of available space located in the Downtown market.

alt=""

Toronto Office Market Report Q1 2022

Download Report
For More Information, Please Contact:

Jamieson Jackson

Managing Director, Office Practice Group | GTA

Toronto Downtown

Jamie Jackson serves as the Managing Director for the GTA Office Practice Group.  He has been helping to grow the business since September 2020.  

Prior to joining Colliers, he was the Director of the Financial Services practice at Iron Mountain, where he had increasingly senior sales and sales management roles in the financial services and technology sectors.

He also took a 10 year detour into running an international marketing agency, ending up as the CEO until the entire business was sold and he returned to his selling roots in financial services.

View Expert

Leo Lee

Director, National Research Operations | Canada

Toronto West

Leo Lee is the Director of National Research Operations | Canada and oversees the strategic direction and operations of Colliers Canada Research. He focuses on developing the capabilities of the national research team that leverages Colliers' best-in-class market intelligence and platforms to provide clients with valuable market insights.

Leo joined Colliers International in 2008 and was most recently the Regional Director of Research for Eastern Canada.

He has over 10 years of experience in the real estate market across Canada and New Zealand and draws on his professional experience as a commercial appraiser and real estate consultant.

View Expert