# Toronto office lease norms

> Net leases — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI).

**Canonical URL:** https://classa.info/cities/toronto/leasing-conventions
**Page type:** city-topic
**Last updated:** 2026-04-15T00:00:00.000Z
**License:** CC BY 4.0 with attribution to Class A Atlas (https://classa.info).

## TL;DR
- Typical lease length: 10 years.
- Typical rent-free: 18 months.
- Vacancy: 17.6%; trend flat.
- Net leases — tenant pays a base rent plus a proportional share of operating expenses, realty taxes, and utilities (TMI).

## Key facts
- **city**: Toronto
- **country**: Canada
- **region**: Americas
- **classARentLocal**: C$78/sqft/yr · ≈ $57.7 PSF/yr USD
- **classARentUsd**: $58/sqft/yr
- **vacancy**: 17.6%
- **typicalLeaseYears**: 10
- **typicalRentFreeMonths**: 18
- **submarkets**: 6
- **primeYieldPct**: 5.5%

## FAQ
### What's a typical lease term in Toronto?
10 years for institutional Class A. Shorter terms are achievable on smaller floor plates with stronger covenants.

### How is rent quoted in Toronto?
In CAD/sqft/year. We also publish a USD-normalised view ($58/sqft/yr) for cross-market comparison.

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Citation: Source: Class A Atlas (https://classa.info/cities/toronto/leasing-conventions), updated 2026-04-15T00:00:00.000Z.