Investment banking occupiers in Toronto typically cluster in Financial Core, plan ~215 sqft per seat at trophy fit-out ($270–410/sqft), and pay around 78 CAD/sqft ($58 USD) on Class A.

• Preferred submarket: Financial Core.
• Typical fit-out spec: Trophy ($270–410/sqft).
• Plan ~215 sqft per seat for headcount sizing.
• Class A rent context: 78 CAD/sqft ($58 USD).
• Typical lease: 10 years with 18 months rent-free.
• Talent depth in Toronto: 80/100.

TL;DR

• Preferred submarket: Financial Core.
• Typical fit-out spec: Trophy ($270–410/sqft).
• Plan ~215 sqft per seat for headcount sizing.
• Class A rent context: 78 CAD/sqft ($58 USD).
• Typical lease: 10 years with 18 months rent-free.
• Talent depth in Toronto: 80/100.

Where they cluster

Investment banking occupiers in Toronto typically anchor in Financial Core. Banking (Big Five), insurance, asset managers, law firms.

What they pay

Class A rent in Toronto runs 78 CAD/sqft ($58 USD) on a 10-year lease with 18 months free. Trophy submarkets command a 20–40% premium above the city index.

Spec and fit-out

Typical investment banking fit-out targets trophy specification at $270–410/sqft. Bespoke design, signature feature, top-tier MEP and acoustic packages are standard.

Headcount sizing

Plan around 215 sqft per seat blended (workstation + circulation + amenity). A 100-headcount banking office in Toronto typically targets 21,500 sqft of leasable area.

Talent angle

Bulge-bracket teams favor signature trophy assets with full client-facing programming and large floor plates. Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80.

Tax and lease context

Headline corporate tax: 26.5%. Net leases — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI). Rent-free of 12-24 months on a 10-year term is current market. Bank guarantees common for non-investment-grade covenants.

Key facts

Frequently asked questions

Where do investment banking occupiers lease office space in Toronto?

Most cluster in Financial Core. Rent runs ~78 CAD/sqft ($58 USD) for trophy and prime stock.

What fit-out spec do investment banking occupiers run in Toronto?

Typically trophy at $270–410/sqft.

How much office space per seat should a investment banking occupier plan in Toronto?

Plan ~215 sqft per seat blended. A 100-person team typically takes 21,500 sqft.

What NAICS codes describe the investment banking vertical?

Representative NAICS 2022 codes: 523150, 522110.

What is the talent index in Toronto?

80/100. Use the city profile for full detail.

Related

• Investment banking — global overview
• Toronto — full city profile
• Financial services in Toronto
• Asset management in Toronto
• Legal services in Toronto
• Big tech in Toronto

Editorial provenance

Reviewed by Miriam Hollander — Lead market analyst. Last updated 2026-04-15. See our methodology and editorial standards.

Primary sources for this page

• CBRE Marketview reports — CBRE
• JLL Office Insight — JLL
• Cushman & Wakefield Marketbeat — Cushman & Wakefield
• Savills World Research — Savills
• Colliers Global Office Outlook — Colliers

Full sources index · Submit a correction

Related topics

• Class A Lease Negotiation — How to negotiate a Class A office lease — the playbook from LOI to signed deal.
• Hybrid Workplace Strategy — How to size, structure, and lease a Class A office for a hybrid workforce.
• ESG / LEED for Tenants — How tenants evaluate, negotiate, and report on ESG performance in a Class A office lease.
• Cross-border Expansion — How to run a coordinated Class A office search across multiple geographies.
• Fit-out Capex — How to budget, sequence, and govern Class A office fit-out capex.
• Lease vs Flex — When premium flex (coworking, managed office) beats a conventional Class A lease — and vice versa.