CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}
Office Office

Perspectives

Canada Office MarketBeat

Access the latest quarter commercial real estate results for the office and industrial sector nationally. Marketbeat analyzes quarterly market activity including supply, demand and pricing trends.

Download Full Report

Office market continues to gain some momentum

In its August 2025 Labour Force Survey, Statistics Canada reported that Canadian employment levels declined for the second consecutive month, with a decrease of 66,000 jobs, extending the decline witnessed in July of 41,000. With this decrease the unemployment rate climbed to 7.1%; its highest level since May 2016 (excluding 2020 & 2021). Employment in sectors that are office using did decline for the second straight month; although levels do remain higher in comparison to one year ago.

In Q3 2025, overall office vacancy edged down to 16.8%—its lowest level in over a year. This modest improvement was reflected across most submarkets and asset classes, with one exception: the Suburban Class B/C segment, where vacancy rose slightly quarter-over-quarter (QOQ) to 12.4%. Among all segments, the Central Class A market demonstrated the most consistent progress, recording a 50-basis point (bps) decline in vacancy since Q1 2025.

This national trend was echoed across major Canadian cities, where vacancy rates either declined or remained stable compared to the previous quarter. However, variations emerged at the class and node level. While the Canadian Central Class A market posted a QOQ decrease, this pattern was not uniformly observed nationwide—most markets saw vacancy hold steady or shift marginally by 10–20 bps. Toronto stood out in Q3 2025, showing marked improvement in its downtown Class A segment. This strong performance was the key contributor to the overall national decline in Central Class A vacancy.

Net absorption remained positive this quarter, coming in at just under 200k square feet (sf). Following a historical revision to Q2 2025 figures, year-to-date absorption for 2025 has now exceeded one million square feet (msf). Notably, all of this quarter’s absorption was driven by Class A assets—both Central and Suburban—while the combined Class B/C segment across these nodes posted negative absorption. A closer look at Central Class A reveals a pattern consistent with the movement in its vacancy rate: most markets witnessed only marginal shifts in absorption levels from the previous quarter. The standout, however, was Toronto, which recorded substantial 525k square feet (sf) of positive absorption in Q3 2025, making it the primary engine behind the quarter’s overall gains.

office-space-demand-canada-q3-2025.jpgcanada-office-vacancy-q3-2025.jpg

Entrevue avec Mr Sunshine
La pandémie mondiale de COVID-19 a eu diverses répercussions sur les investisseurs et les occupants d’immeubles commerciaux. Luciano D’Iorio a récemment eu l’occasion de s’entretenir avec Vincenzo Guzzo, le président et chef de la direction de Cinémas Guzzo – ou « Mr Sunshine » de l’émission « Dragon’s Den » de la CBC – pour obtenir son point de vue sur l’industrie immobilière, l’impact qu’elle a eu sur ses entreprises et sa vision de l’avenir.
Téléchargez l’entrevue

Autres marchés canadiens

MarketBeat-Stats_Web-Cards_OfficeQ32025.png
MarketBeat

Canada Office MarketBeat

Access the latest quarter commercial real estate results for the office and industrial sector nationally. Marketbeat analyzes quarterly market activity including supply, demand and pricing trends.
Kristina Bowman • 10/14/2025
Global MarketBeat Map Card
MarketBeat

Canada MarketBeats

Search our interactive map, starting with Canadian cities, for the MarketBeat reports of interest to you. 

Vous ne trouvez pas ce que vous cherchez ?

Nous sommes à votre disposition pour vous aider. Communiquez avec nous et nous pouvons vous aider avec toute autre demande de renseignements.

Cushman & Wakefield utilise des cookies pour analyser le trafic et offrir à nos clients une meilleure expérience de navigation sur ce site. Fermez cette boîte de dialogue pour confirmer votre consentement ou consultez cette page pour en savoir plus :
Notification de cookie

MORE OPTIONS
Accepter et fermer
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS