CRE IntelligenceGTA Office Market

🔴 Top Signals

1. H&R REIT — 330 Front Street West vacancy confirmed [FILED] RBC's 580,000 sf lease expired December 2025. Material change report confirms active discussions with multiple tenants. Largest single-building vacancy in downtown Toronto. At $32-35/sf net, full backfill = ~$19M annual base rent. Management described "strong inbound interest" but no committed LOIs. 2. Clio doubling Toronto headcount [FILED] CEO confirmed on Q4 call: doubling engineering headcount over 18 months. Currently ~200 staff. At 150 sf/person, that's 30,000+ sf of new demand. Currently at 80 Spadina — likely outgrowing the space. 3. Allied 80 Spadina vacancy climbing [FILED] Q4 supplemental: 80 Spadina at 18.2% vacant (from 12.1% Q3). Wealthsimple confirmed departure to The Well. Building may hit 25%+ vacancy by mid-2026. 340,000 sf of lease expiries rolling across Allied's downtown portfolio in 2026.

📈 Tenant Movement

Expanding: Clio (+30K sf demand), Shopify (47 new Toronto postings — early re-expansion signal post-2022 contraction) Relocating: Wealthsimple → 55K sf at The Well (460 Front). Flight to quality — newer build, better transit. Contracting: Constellation Software subleasing 22K sf at 20 Adelaide East. "Rationalization of acquired entity footprints."

🏢 Landlord Activity

CIBC Square Phase 2: 141 Bay 72% pre-leased. Big 5 bank taking 280K sf. Completion triggers cascading vacancy in older Class A buildings — backfill opportunities in $25-30/sf range. Dream Office: Occupancy recovering — 86.4% downtown. Adelaide Place 91%. In-place rents 8% below market = positive reversion on renewals.

👁️ Watch Items

• Menkes permit at 25 York for 95K sf fit-up — major new tenant build-out, no public announcement yet. • Shopify hiring surge early-stage but strongest since 2021. If sustained another quarter, they'll need space. • H&R needs 330 Front headline tenant by Q2 or market reads distress.