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Large Net Rent Premium for New Office Buildings in Suburban Toronto

  • ​​​​Average net rental rates for new class A buildings is $22.84 per square foot which represents a 31.7 percent premium over class A buildings as a whole and a 44.6 percent premium over all buildings in the market.
  • Suburban Tenants are willing to pay a premium for high quality efficient space, particularly if a building is located near a rapid transit route where net asking rates can be as high as $28.00 per square foot.
  • Due to greater efficiencies and lower maintenance costs, additional rents in Class A new builds are significantly lower than most Class A buildings, which offsets most of the tenants additional costs.
  • Once additional rent savings are factored in, gross rental rates are only 6.4% higher in new builds than class A buildings as a whole.

Source: JLL Research

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