Average term on office leases across Canada is on the rise

Lease term in months
  • Between 2015 and 2019, the average term on office leases signed (direct and sublease) in Canada was 72 months.
  • In 2020, the average term saw a sharp drop as Covid forced companies to adopt work-from-home policies and decision makers opted for shorter term leases to buy time.
  • Recent data, however, point to a reversing trend with the average term in the second quarter hitting 60 months, up from 56 months in the first quarter of 2023, while in the month of July the average was even higher at 64 months.

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