In Q2 2025, office sublease space across major Canadian markets remained stable after several consecutive quarters of decline. This steadiness was seen across both Central and Suburban areas and across all asset classes. Among office sublets where lease terms were known, 32.2% of Central area subleases had more than five years remaining on their original leases, compared to just 17.6% in the Suburban market, indicating longer commitments in more central locations.
The industrial sublease market saw renewed growth in Q2, with vacancy rising to 12.7 million square feet—representing 14.2% of all vacant industrial space—following a slight decline in Q1. Larger blocks over 50,000 square feet made up 28.7% of all industrial sublease spaces. Additionally, nearly half (47.1%) of these subleases had original lease terms set to expire within the next three years, pointing to a potential wave of upcoming turnover in industrial real estate
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