'Toronto is on fire': Canada's biggest office market seeing surge in demand as worker

[James Bond Agent 007]

'Toronto is on fire': Canada's biggest office market seeing surge in demand as workers return

More than five years after Toronto’s bustling business hub underwent a drastic transformation of remote work, empty trains and a deserted downtown, its office market has gradually arrived to a turning point and is now surpassing other Canadian cities, according to recent commercial real estate data.
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“Toronto is on fire,” said CBRE Group Inc. research managing director Marc Meehan. “We’ve seen a very significant surge of leasing activity.”

Toronto office leasing in the fourth quarter of 2025 hit shy of 2 million square feet, the highest in five years, according to a January report from Colliers International Group Inc. Demand for office space was led by Royal Bank of Canada, Canadian Imperial Bank of Commerce, Toronto-Dominion Bank, Wealthsimple Inc., Bank of Nova Scotia, Stripe, Inc., and Mastercard Foundation.