Greater Toronto office sublets – what do space sizes reveal about who’s putting space on the market?

Number of sublet space entering the market by year
  • The Greater Toronto office market has experienced the impact of the evolution of occupiers’ post-pandemic workplace strategies and hybrid-work models in the form of increased available sublease space – up from 2.5 million sf in March 2020 to 9.1 million sf in May 2023.
  • A closer look at spaces put on the market during those years reveals an interesting shift. In 2020, more than 800 spaces were put on the market but 55% were 5,000 sf or less in size, while the largest spaces (>20,000 sf) accounted for just 6% – implying that smaller firms responded rapidly to the changing circumstances while larger occupiers held off. 
  • Over time, that pattern has shifted and thus far in 2023, the smallest spaces account for only 35% while the largest have increased to 24% of new sublet spaces – an indication that more large firms may be adjusting their space needs to the longer-term trend.

Get market intel

CA-ON-TOHQ Toronto