Key Points

• More than 7 million square feet leased nationally in 2025 across office and industrial portfolios
• Industrial led performance, with over 5 million square feet of activity and occupancy above 90% nationally
• Office leasing surpassed 2 million square feet, supported by return-to-office trends and flight-to-quality demand
• More than 400 transactions completed across Eastern and Western Canada

QuadReal Property Group (QuadReal), a global real estate investment, development and operating company today completed more than seven million square feet of leasing activity across office and industrial portfolios in Western and Eastern Canada in 2025.

Industrial remained a clear area of strength, with more than five million square feet leased nationally and occupancy levels above 90% across both regions. Activity was driven by sustained demand for well-located logistics and distribution space, alongside continued development momentum in high-demand urban markets.

Office leasing exceeded two million square feet nationally across more than 130 transactions. Performance was supported by return-to-office shifts and a continued flight to quality, with tenants prioritizing transit access, modern amenities, and enhanced workplace environments that foster collaboration, wellness and day-to-day convenience for employees.

Western Canada

In Western Canada, QuadReal completed approximately 3 million square feet of leasing across 150 transactions.

The office portfolio recorded nearly 800,000 square feet of activity. In Vancouver, the immediate backfill of Amazon’s space at 745 Thurlow through Royal Bank’s expansion marked a notable transaction, while Broadway Tech Centre secured nearly 200,000 square feet of commitments. In Calgary, proactive leasing at Jamieson Place mitigated a major upcoming expiry through new headlease agreements with Gibson Energy and Certarus. Continued investment in shared spaces, tenant amenities and building upgrades have supported leasing momentum and reinforced long-term competitiveness.

Western industrial delivered more than 2.1 million square feet of leasing across 57 transactions, including Amazon’s long-term recommitment at 109 Braid, activity at NorthWest Business Park in Winnipeg, and continued strength in Calgary, where approximately 600,000 square feet of transactions were completed.

“Across the West, we witnessed a consistent flight to quality,” said Scott Taylor, EVP, Commercial, Western Canada. “Industrial remained resilient, and in office we continue to see organizations gravitating toward well-amenitized buildings that support evolving workplace expectations and create environments where employees want to be.”

Eastern Canada

In Eastern Canada, the office portfolio leased more than 1.1 million square feet across 63 transactions, achieving approximately 90% occupancy. Leasing at 145 King West in Toronto contributed to a 10-point occupancy increase following targeted capital improvements and renovation activity designed to elevate the tenant experience through a modernized lobby, updated common areas and refreshed amenity offerings.

Eastern industrial recorded more than 2.8 million square feet of leasing across 138 transactions, a 23% year-over-year increase in transaction volume. Development milestones included completion of One Steelcase and 8945 Torbram Road, as well as the commencement of construction for Building 1 at Station Twelve, the largest industrial lease executed within the Eastern Canada portfolio since QuadReal’s inception.

“Our 2025 performance reflects the depth of increased tenant demand as well as the strength of our team,” said Mike Snell, EVP, Commercial, Eastern Canada. “Cross-functional collaboration across leasing, operations and investment management enables us to execute efficiently and respond to evolving market conditions, while continuing to enhance the quality and experience of our office environments.”

2026 Outlook

Looking ahead, industrial fundamentals remain supported by structural demand drivers and disciplined supply. In office, premium assets in transit-oriented, amenity-rich locations are expected to continue outperforming broader market averages as occupiers refine long-term workplace strategies and place greater emphasis on employee experience, flexibility and workplace design. In 2026, several lobby and amenity space renovations are taking place across QuadReal’s Canadian portfolio including at 145 King West and Park Place. These renovations are part of QuadReal’s broader amenity and common space revitalization strategy, which saw three renovation completions over the last year.

For more information about QuadReal’s commercial portfolio and leasing activity across Canada, visit Leasing & Sales.