Ontario

Toronto Office Market Report 2025 — Prices, Cap Rates & Trends

In the Toronto office market, the median recorded sale price is $2,524,500, across 772 recorded transactions, between 2021-09-03 to 2025-12-31.

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$2.5M

Median sale price

772

Recorded transactions

-19.6%

YoY change in median

Price distribution

Where Toronto office sale prices sat across 772 recorded transactions.

Median sale price by year

5 of 5 years in the window carried enough recorded sales to plot a median for Toronto office.

Recorded transaction volume by year

Year	Recorded transactions
2021	30
2022	121
2023	199
2024	189
2025	233

This market vs. Ontario overall

Metric	Toronto	Ontario
Median sale price	$2,524,500	$2,194,500
25th percentile	$1,385,000	$1,325,000
75th percentile	$7,387,500	$4,750,000
Recorded transactions	772	29,749
Year-over-year change	-19.6%	-5.5%

Asset classes in Toronto

Asset class	Median price	Transactions
Industrial	$2.8M	1,836
Land	$8.5M	617
Multifamily	$2.9M	1,462
Office	$2.5M	772
Other	$3.3M	1,047
Retail	$2.1M	1,287

Office across Ontario markets

Market	Median price	Transactions
Barrie	$2.5M	33
Belleville	$1.9M	13
Brantford	$2M	18
Greater Sudbury	$2M	20
Guelph	$2M	37
Hamilton	$2M	120
Kingston	$1.9M	25
Kitchener-Cambridge-Waterloo	$2.5M	118
London	$2.4M	71
Oshawa	$1.6M	44
Ottawa	$4.7M	197
Peterborough	$1.3M	13
St. Catharines-Niagara	$1.7M	42
Thunder Bay	$1.4M	23
Toronto	$2.5M	772
Windsor	$2M	50

Rental market context

The CMHC Rental Market Survey reports a 3.0% purpose-built rental vacancy rate for Toronto (2025). This is residential rental context, not a commercial metric.

Recent recorded sales

Month	Area	Price band	Type
2025-12	Mississauga, ON	$4.0M–$4.5M	Office
2025-12	Markham, ON	$16M–$17M	Office
2025-12	Oakville, ON	$4.0M–$4.5M	Office

Municipality, month and price band only.

Common questions

What is the median office sale price in Toronto?

$2,524,500, across 772 recorded transactions in our dataset.

Are Toronto office prices rising or falling?

The median recorded sale price changed -19.6% year over year in the most recent full comparison.

Methodology

This page draws on 772 recorded commercial transactions in Toronto between 2021-09-03 and 2025-12-31, from the EVALUAITE Market Intelligence dataset. A city and asset class is published only once it carries at least 50 recorded transactions.

Too few of these sales reported a cap rate to publish a range, so none is shown. All 5 years in the window carried enough sales to plot a median. The year-over-year comparison had enough sales on both sides to compute. CMHC rental context is available for this market.

Prepared by the EVALUAITE Market Intelligence team.