房地产 -2025年第四季度安大略省伦敦办公室数据 London Ontario Office Figures Q4 2025

FIGURES|LONDONOFFICE|Q42025CBRE

Suburbanofficespacerecordspositivenet

absorptionwhileCorevacancyclimbsslightlyA26.2%v$13.62v-30K

VacancyRatePSFAvg.AskingLeaseRateSFNetAbsorption

Note:Arrowsindicatechangefrompreviousquarter.

ExecutiveSummary

–London’sQ4officemarketsawmarketdynamicsshiftfrompreviousquarters,astheCorerecordanincreaseinvacancyrateforthefirsttimesinceQ12025,whiletheSuburban

markethaditsfirstandonlyquarterofpositivenetabsorptionin2025.

–CoreClassAspacesawa120bpsincreaseinvacancyratethisquarterto19.8%,as24,000sq.ft.ofspacebecameavailableinQ4.

–Aftertwoconsecutivequartersofpositivenetabsorption,London’soverallofficemarketrecordednegativenetabsorptionof30,000sq.ft.inQ4.Suburbanofficespacerecorded

12,000sq.ft.ofpositivequarterlynetabsorption,bringingLondon’soverallannualnetabsorptionto43,000sq.ft.

–Therewerenonotableshiftsincoreorsuburbannetaskingrents,resultinginoverallnetaskingrentsseeingjustasmalldecreaseof$0.04to$13.62persq.ft.

FIGURE1:LondonFundamentals–HistoricalAnalysis

NetAbsorption(000sSF)VacancyRate(%)

150

100

50

0

-50

-100

-150

-200

Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

2021

2022

2023

2024

2025

NetAbsorptionVacancyRate

30.0%

20.0%

10.0%

0.0%

-10.0%

-20.0%

-30.0%

-40.0%

Source:CBREResearch,Q42025.

1CBRERESEARCH©2026CBRELimited

FIGURES|LONDONOFFICE|Q42025

2CBRERESEARCH©2026CBRELimited

ClassAcorenegativeabsorptionovershadowssuburbanactivity

Over24,000sq.ft.ofClassAspacecametomarketinQ4,majorityofwhichcamefrom140and148FullartonStreet.ThisisthesecondconsecutivequarterthatCoreClassAspacehasseennegativenetabsorption,resultinginthevacancyratejumping440bpsto19.8%fromQ2toQ4

2025.Afterfourquartersofnegativenetabsorption,thesuburbanofficemarketsawpositiveactivity,recordingcloseto12,000sq.ft.ofpositivenetabsorption.Lastquarter’spositivenetabsorptionwasoffsetbyQ4activity,resultinginYTDnetabsorptionfinishingtheyearat

43,000sq.ft.,signallingthatshiftfromwork-from-homesituationsarecontinuingtobetransitionedbacktoin-office.

Netaskingleaserateupdate

Followingthetrendsoflastquarter,theLondonofficemarketrecordedlittlemovementonnetaskingrents.Corenetaskingrentsdropped$0.05to$13.57,whileSuburbanratesrose$0.06to$14.02,resultinginoverallnetaskingrentstostabilizeat$13.62persq.ft.Comparingthefive-yearaveragerateto2025yearendrates,wehaveseenvirtuallynomovementoverthepastfiveyears,withthefive-yearaveragecominginatjust$0.02lowerthanwhatwasreportedatthe

endof2025.Thisislargelyduetotwomainfactors;thefirstbeingthelargeshifttowork-from-homesituationsbetween2020-2022andthesecondbeingthattherehasn’tbeenanynew

supplyofofficespaceaddedtothemarketsinceQ22020.

Keytransactionsandnewavailabilities

Q4didn’tseemuchnotableactivitybutwedidseeafewkeytransactionsandnewavailabilitiescometomarket.Therewasover24,000sq.ft.ofClassAspacethatcamebacktomarket,frommainlytwoproperties;140FullartonStreetcontributingroughly12,000sq.ft.,148Fullarton

Streetcontributingnearly10,000sq.ft.Allofthetoptransactionsthisquarterwerecompletedinthesuburbanmarket,thelargestbeinga6,000sq.ft.ClassBleasetransactionat1785

WonderlandRoadN.Withmoreconversionprojectslooming,weexpecttoseeofficestatsbouncebackinmid-to-late2026.

FIGURE2:HistoricalCoreversusSuburbanNetAbsorption(000sSF)

100

50

0

-50

-100

-150

-200

Q3Q4

2021

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1Q2Q3Q4

2024

Q1

Q2Q3

2025

Q4

CoreSuburban

Source:CBREResearch,Q42025.

FIGURE3:HistoricalCoreversusSuburbanRentalRatesAllClasses($PSF)

$15.00

$14.02

$14.00

$13.57

$13.00

$12.00

$10.00

$11.00

Q3Q4

2021

Q1

Q2Q3

2022

Q4

Q1

Q2Q3

2023

Q4

Q1Q2Q3Q4

2024

Q1

Q2Q3

2025

Q4

CoreSuburban

Source:CBREResearch,Q42025.

FIGURES|LONDONOFFICE|Q42025

3CBRERESEARCH©2026CBRELimited

FIGURE4:HistoricalVacancyRatebyClass(%)

60.0%

50.0%

40.0%

30.0%

20.0%

10.0%

0.0%

Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4

2021

2022

CoreClassA

SuburbanClassB

2023

CoreClassB

SuburbanClassC

2024

2025

CoreClassC

Source:CBREResearch,Q42025.

FIGURE6:Year-To-DateNetRentalChange(%)

5.0%

4.0%

3.0%

2.0%

1.0%

0.0%

-1.0%

-2.0%

Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

Q1Q2Q3Q4

2021

2022

2023

2024

2025

-3.0%

Source:CBREResearch,Q42025.

FIGURE5:HistoricalRentalRates($PSF)

$16.00

$14.81

$15.00

$14.00

$14.47

$13.00

$13.12

$12.00

$11.00

$10.00

Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q420212022202320242025

ClassAClassBClassC

Source:CBREResearch,Q42025.

FIGURE7:Q42025OfficeMarketStatistics

Submarket

Inventory

(SF)

Vacancy

Rate

(%)

Under

Construction

(SF)

Net

Absorption

(SF)

Net

AskingRent

(PSF)

Core

4,529,480

31.5%

0

-42,025

$13.57

Suburban

1,559,529

10.8%

0

11,993

$14.02

LondonTotal

6,089,009

26.2%

0

-30,032

$13.62

Source:CBREResearch,Q42025.

FIGURES|LONDONOFFICE|Q42025

MarketAreaOverview

CBREOffice

London

380WellingtonStreet,Suite30London,ONN6A5B5

Contacts

WilliamBibbingsResearchAnalyst

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William.bibbings@

we

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