Toronto's Commercial Real Estate Market Sees First Growth Since Pandemic, Driven by Big Banks' Return to Office

Toronto's commercial real estate market is experiencing sustained growth for the first time since the pandemic. Avison Young's data shows more office space was leased than vacated last year, a trend observed by CoStar Real Estate's Ben Haythornthwaite. The return-to-office trend appears to be driven by big banks, leading to increased sales of office space in downtown Toronto. Commercial real estate investment is predicted to hit $56 billion this year, up from $47 billion last year, according to CBRE.