.jpg "Image treatment")
Annual leasing volume strengthens as confidence improves across Toronto office market
Toronto’s office market ended 2025 in a steadier position, with market fundamentals showing signs of stabilization following several years of adjustment. Leasing activity totaled 2.1 million square feet (msf) in Q4 2025, in line with activity recorded in the same period one year earlier. While quarterly volume remained stable year over year, full-year leasing activity improved meaningfully, reaching 7.7 msf in 2025 compared with 6.0 msf in 2024. This increase reflects more decisive tenant behavior over the course of the year as occupiers moved beyond short-term renewals toward longer-term planning and execution. Leasing activity remained concentrated in amenity-rich, transit-oriented buildings, underscoring the ongoing flight to quality and reinforcing improving market confidence.