Q3 2025

Canadian office market report

Avison Young’s quarterly office report. We pledge to deliver comprehensive market insights to navigate in this period of limited transaction activity and uncertain market conditions.

National office market trends

01

Tenants acting faster with greater confidence

Tenants have more clarity about their current and future space needs. With the limited supply of well-located, A and Trophy offices, tenants are committing to new agreements in advance of lease expiries, adapting layouts, or moving earlier than expected before the availability narrows any further.

02

Time has come to reposition non-renovated buildings

As a growing number of class B and C buildings face obsolescence due to higher quality standards demanded from office tenants, owners are evaluating renovation, redevelopment or conversion options to preserve the value of their assets.

03

Bullish outlook on the office market

Sentiment is strongest for the Trophy office buildings, but as availability and the pipeline of new supply dry up, opportunities for upgraded class A and B buildings offering good value may become more attractive to investors and tenants fighting for the limited supply of quality buildings.

headshot of Marie-France Benoit

  • Principal, Director Market Intelligence, Canada
  • Research, Market Intelligence

  • National Market Intelligence Lead
  • Research, Market Intelligence