A Guide to Office Space in Toronto

A global commercial hub, Toronto provides the foundations that many businesses scale rapidly on. With office space in Toronto, your business can join the ranks of many conglomerates and ambitious startups. Each thrives in the city’s cultural melting pot.

Toronto is Canada’s most populous city and the fourth-largest city in North America. As the capital of the Canadian province of Ontario, Toronto also enjoys a huge level of educational talent and a flourishing economy.

This has made the city an increasingly attractive location for many companies.

Geography of Toronto

Toronto sits on the north-western shore of Lake Ontario and comprises 140 neighborhoods.

The city’s blend of tranquil green spaces, urban areas, and iconic landmarks like the CN Tower create a standout skyline. Popular districts in the city include Deer Park, North York, Little Portugal, and Junction Triangle.

Toronto’s proximity to the U.S. cities makes it a strategic location for those looking to collaborate with American companies. Businesses here enjoy easy access to prominent cities in the Midwest.

These cities include Chicago and Detroit. East Coast cities like Philadelphia, Boston, and New York are within easy reach too.

There are plenty of office spaces for lease in Toronto. By securing one of these spaces, you could make the most of Toronto’s business environment.

Top business areas in Toronto

Toronto is a bustling city, one in which many industries thrive. Three of the top business areas in Toronto include:

Downtown

Home to the provincial government of Ontario, Downtown hosts the city’s inner workings. It’s also home to the buzzing Financial District. Train, bus, and metro links make travelling throughout the city convenient and affordable.

Midtown

The infamous Yonge Street plunges through this high-profile area. It offers a vibrant setting ideal for businesses eager to be in the midst of Toronto's bustling life

The area's accessibility is enhanced by several train stations, ensuring smooth connections across Toronto's key locations.

North York

Based in the northern part of Toronto, North York offers easy access to Pearson International Airport. The nearby Sheppard Yonge and North York Centre Stations offer routes into central Toronto.

Many significant companies maintain their Canadian headquarters here, including Nestlé and McDonald's.

There are many business spaces for rent in Toronto available across these areas.

Five businesses based in Toronto

Many international-scale companies, financial institutions, and media outlets prosper in Toronto. Five of the most prominent include:

1. Magna International: A mobility technology company and one of the world’s biggest automotive suppliers
2. Bell Canada: Canada’s largest telecommunications company
3. Hudson’s Bay Company: Canada’s largest and oldest corporation, which owns retail stores across the country
4. Air Canada: Canada’s largest airline and flag carrier
5. Bombardier Inc.: A global leader in Canada’s business aviation industry

By booking a serviced office in Toronto, you can position your business near illustrious companies like these.

6 benefits of establishing your company in Toronto

Toronto draws in businesses globally, celebrated for its diverse business culture and rich talent pool. The city boasts seamless transport connections and a strong economy, further enhancing its appeal.

Additionally, Toronto's vibrant arts and culinary scene offers a dynamic backdrop for companies and their founders relocating to Canada.

Here are six additional benefits of establishing or relocating your business with an office space in Toronto.

1. Toronto's travel and accessibility

As North America's fourth-largest city, Toronto's connectivity is unmatched, offering extensive road links, rapid and underground trains, trams, and buses. These comprehensive transport options ensure effortless access to other Canadian cities and the U.S., facilitating seamless travel and business operations.

For those looking to travel further afield, two airports also serve the city. International flights depart from Toronto Pearson Airport, while regional flights depart from Billy Bishop Toronto City Airport.

Toronto is also full of bike lanes and pedestrian-friendly streets to suit those who walk and cycle through the city.

2. Booming economy

Toronto is recognized as one of the top Global Financial Centers. The city is competitive in every major sector, from finance to tourism.

Many industries have even combined to form cutting-edge hybrid sectors. These include green-tech, med-tech, and food-tech. Each of these prospering sectors contributes to Toronto’s booming economy.

3. Diversity of industries

Given that Toronto is Canada’s biggest business hub, many industries thrive here. The city’s biggest industries include:

Finance

Toronto boasts the biggest financial center in Canada. It also boasts the second-largest financial sector in North America. Over 600 financial services companies operate here. Some hold their headquarters locally too. These companies include banks like:

• Scotiabank
• The Royal Bank of Canada
• The Bank of Montreal
• The Canadian Imperial Bank of Commerce

However, it isn’t all about big-name banks. Many fintech startups have grown to impressive heights in Toronto, too. Examples include the funding provider FundThrough and the digital banking platform Black Banx.

Real estate

Toronto’s real estate market is its second-biggest after finance. The city also houses Canada’s largest real estate agencies, which provide plenty of opportunity for realtors.

Demand for real estate flows from Toronto’s high volume of students and large population. This is bigger than any other Canadian city population. As of 2023, 46.6% of residents had moved to the Greater Toronto Area, illustrating the high demand for homes and rental spaces in the city.

Thanks to this demand, many startups are making waves in the real estate market. Many of these startups support property owners and investors.

This includes HappyCo, which has become Canada’s leading rental lifecycle management platform. There is also Willow, the country’s first real estate investing platform.

Technology

Toronto is becoming a significant player in the tech industry, hosting giants like Microsoft, Apple, and Google. While many people think of cities like Austin and Miami when they think of technology, Toronto is also a key contender in the tech world.

Video game producers Ubisoft, Gameloft, and Zynga also have their roots in Toronto. The same is true of many startups.

Local managed service providers support this growth by offering world-class IT services, fostering an environment where startups like Shomigo and YourTable can thrive.

Media and entertainment

Dubbed "Hollywood North," Toronto boasts Canada's largest broadcasting, film, and television industry. It attracts both Canadian and international productions with its cost advantages and offers tax credits and networking opportunities.

The Toronto International Film Festival further highlights its status in the film world.

Furthermore, many media and entertainment startups have climbed the ladder to success in Toronto. Examples include the online storytelling platform Wattpad and YouTube alternative Rumble.

Life sciences

Toronto’s thriving life sciences sector is centered in the city’s Discovery District. Spanning two and a half square kilometers, the research hub comprises more than 30 medical research facilities.

Some of the world’s most pioneering pharma companies also operate in Toronto. These include biopharmaceutical leaders like AstraZeneca and Pfizer.

Local startups have also enjoyed success in the life sciences sector. Deep Genomics has been driving success in gene therapies, while Menten AI has launched a protein design software platform.

4. World-class talent

Toronto's status as a hub for world-class universities, such as the University of Toronto, York University, and Ryerson University, underlines its rich talent pool. This academic excellence ensures a diverse range of skills and drives innovation are available to the city's businesses.

Access to such high-caliber talent is crucial for companies looking to stay competitive and innovative in a global marketplace. It offers them a strong foundation for growth and development across a variety of sectors.

5. Quality of life

In 2023, the Economist Intelligence Unit’s Global Liveability Index included Toronto in its list of top 10 cities for high quality of life. This ranking positioned Toronto ahead of all U.S. cities.

Toronto can readily cater to all interests and hobbies, from major league sports teams and award-winning cultural institutions to vibrant festivals and serene green spaces. This richness in lifestyle options, combined with top-tier education and healthcare systems, enhances its appeal as an ideal place for both living and working.

Toronto also offers an abundance of home styles for those living in the city. There are many condominiums with green or beach surroundings, especially in the Downtown area.

Those seeking family-friendly neighborhoods will find municipalities with several options. Some sit in picturesque countryside. Others offer an urban backdrop.

6. Toronto culture

People of over 250 ethnicities live in the Toronto Region, speaking a total of 190 languages. Given the city’s cosmopolitan blend of residents, it has fostered a rich cultural scene.

This mix of cultures translates into a thriving business landscape, offering an extensive array of dining, art, and entertainment options. The city's vibrant mix of restaurants, galleries, museums, and theaters not only enriches the local lifestyle but also attracts culture enthusiasts from around the world.

This has helped cement Toronto as a global hub for cultural exchange and business innovation.

How much is office space in Toronto?

The average cost to rent an office space in Toronto depends on many factors, including location and office size. Our offices in Toronto range from CAD 195 to CAD 615 per person per month over a 24-month contract. These offices are more cost-effective than offices in many rival cities across the U.S.

For example, our offices in New York start at USD 279 per person per month. Our offices in San Francisco start at USD 225 per person per month.

Area	Average monthly price (CAD) for office rentals in Toronto, including amenities
Financial Core	$900 – $3,000 per person per month
Downtown	$650 – $1,200 per person per month
Mid-Town	$750 – $2,000 per person per month
North York	$850 – $2,500 per person per month

Our office spaces in Toronto

We offer a wealth of distinct office spaces across Toronto, with many of these office rentals in Downtown Toronto, the Central Business District, and other key areas of the city. Each provides a variety of workspace solutions for businesses of all sizes.

For example, businesses can book permanent office spaces in a notable district to create a professional brand image. On the other hand, they can book hot desks in shared offices to work in comfort as and when needed. Or, they may prefer to book meeting rooms to brainstorm with their teams or clients.

1. Eaton Centre

Those looking for office space in Toronto will find everything they need at Eaton Centre.

This office enjoys a city-center location in a stylish mall that attracts 50 million visitors every year. With meeting rooms overlooking Lake Ontario, this is the perfect location to inspire colleagues and clients.

Highlights include:

• Business lounge
• Secure underground parking
• Vending machines

Information about Eaton Centre

• Location: 1 Dundas Street West, Toronto, ON, M5G 1Z3
• Starting costs: From CAD 345 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Dundas Underground Station (a one-minute walk away), St Patrick Underground Station (a nine-minute walk away), and Dundas Street West at Bay Street Tram Stop (a four-minute walk away)

2. 401 Bay Street

401 Bay Street offers workspace solutions for businesses seeking office rentals in Toronto.

Located in Toronto's financial core, the prominent offices within this skyscraper are particularly suited for finance sector businesses. Its unmistakable presence elevates your company's profile and leaves a lasting impression on employees and clients alike.

Highlights include:

• Coffee lounge
• On-site parking
• Elevator

Information about 401 Bay Street

• Location: 401 Bay Street, Toronto, ON, M5H 2Y4
• Starting costs: From CAD 305 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Queen Underground Station (a three-minute walk away), Osgoode Underground Station (a six-minute walk away), and Queen Street West at Bay Street Transit Stop (a one-minute walk away)

3. 229 Yonge Street

229 Yonge Street provides a convenient base for businesses looking to scale with office space in Toronto. It combines the prestige of historical architecture with modernized interiors and fully equipped office spaces.

This balance of old and new provides an inspiring environment for teams and a distinctive impression on clients.

Highlights include:

• On-site lunch restaurant
• Sandwich service
• Business lounge

Information about 229 Yonge Street

• Location: 229 Yonge Street, Toronto, ON, M5B 1N9
• Starting costs: From CAD 309 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Queen Underground Station (a one-minute walk away), Dundas Underground Station (a three-minute walk away), and Dundas Street West at Yonge Street — Dundas Station (a four-minute walk away)

4. 2 Saint Clair Avenue West F18

2 Saint Clair Avenue West F18 welcomes businesses to the affluent Deer Park commercial area. Workspaces here provide beautiful views of Lake Ontario and the wider Toronto skyline.

This location boasts excellent accessibility, with options for train commuting and underground parking, providing convenience and a desirable professional setting.

Highlights include:

• On-site lunch restaurant
• Sandwich service
• On-site sandwich/coffee bar

Information about 2 Saint Clair Avenue West F18

• Location: 2 St. Clair Avenue West, Toronto, ON, M4V 1L5
• Starting costs: From CAD 469 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: St Clair Underground Station (a two-minute walk away), Summerhill Underground Station (an 11-minute walk away), and Davisville Underground Station (a 16-minute walk away)

5. Davisville Centre

Davisville Centre provides ergonomic office spaces in the popular retail location of Yonge Street. Clients will feel instantly impressed as they pass the waterfall display over the elevator in the full-glass atrium.

Beyond this, each workspace offers modern decor and floor-to-ceiling windows. Professionals can enjoy lunch in the on-site restaurant, sandwich bar, or outside seating area.

Highlights include:

• Business lounge
• Sandwich service
• Vending machines

Information about Davisville Centre

• Location: 1920 Yonge Street, Toronto, ON, M4S 3E2
• Starting costs: From CAD 325 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Davisville Underground Station (a two-minute walk away), Eglinton Underground Station (a 10-minute walk away), and St Clair Underground Station (an 18-minute walk away)

6. Gladstone

Gladstone, nestled in Little Portugal, has become a hub for creatives and entrepreneurs. This office center not only offers traditional office spaces but also coworking environments and meeting rooms, fostering a collaborative atmosphere.

A unique feature is its community courtyard, which serves as a gathering spot for professionals to network or simply enjoy lunch together. This enhances the sense of community among like-minded individuals.

Highlights include:

• Collaborative break-out areas
• Fully equipped meeting rooms
• Elevator

Information about Gladstone

• Location: 34 Minowan Miikan Lane, Toronto, ON, M6J 0G3
• Starting costs: From CAD 285 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Queen Street West at Dufferin Street Transit Stop (a three-minute walk away), Queen Street West at Dufferin Street West Side Transit Stop (a four-minute walk away), and Dufferin Street at Queen Street West Transit Stop (a four-minute walk away)

7. 1655 Dupont Street

Once an industrial space, 1655 Dupont Street is now a flexible working hub in the Junction Triangle neighborhood. Striking architecture and vibrant offices set this center apart from traditional workspaces.

The area is home to the Aluna Theatre and the Museum of Contemporary Art. Given the rich cultural scene, many creative businesses blossom here.

Highlights include:

• Collaborative break-out areas
• Fully equipped meeting rooms
• On-site coffee shop

Information about 1655 Dupont Street

• Location: 1655 Dupont Street, Toronto, ON, M6P 3T1
• Starting costs: From CAD 385 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Dundas West Underground Station (a 14-minute walk away), Keele Underground Station (a 19-minute walk away), and High Park Underground Station (a 27-minute walk away)

8. 30 Powerhouse Street

30 Powerhouse Street provides workspace rentals near Toronto’s Central Business District. As such, those looking to operate at the heart of the city will find themselves well-positioned here.

This heritage building, thoughtfully restored, now presents inspirational office spaces across two floors. It blends historical charm with modern functionality to foster a productive work environment.

Highlights include:

• Collaborative break-out areas
• Fully equipped meeting rooms
• Communal kitchen

Information about 30 Powerhouse Street

• Location: 30 Powerhouse Street, Toronto, ON, M6H 0C6
• Starting costs: From CAD 315 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Lansdowne Underground Station (an 18-minute walk away), Bloor GO Train Station (a 27-minute walk away), and Dundas West Underground Station (a 30-minute walk away)

9. Parkway Place

Parkway Place provides the ideal business location to raise your profile. Based in the upmarket Parkway Forest district, this location is ideal for gaining commercial credibility in Toronto.

Professionals can enjoy breaks in the on-site lunch restaurant, sandwich and coffee bar, or outside seating area. The landscaped center also offers daycare, perfect for professionals who have children.

Highlights include:

• On-site lunch restaurant
• Outside seating area/terrace
• Day care

Information about Parkway Place

• Location: 251 Consumers Road, Toronto, ON, M2J 4R3
• Starting costs: From CAD 255 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: Don Mills Underground Station (a 23-minute walk away), 251 Consumers Road Bus Stop (a one-minute walk away), and Consumers Road at William Sylvester Drive Bus Stop (a one-minute walk away)

10. 5200 Yonge Street

Those in need of office space in Toronto will find a wealth of choice at 5200 Yonge Street. Many growing businesses are set up here to cultivate and develop their ideas in this exclusive, designer workspace.

This location serves as a hub for like-minded professionals looking to develop ideas and enjoy an enriching work-life balance. Easy access to esteemed retail and dining options in North York enhances networking opportunities.

Highlights include:

• Disabled facilities
• On-site parking
• Outside seating area/terrace

Information about 5200 Yonge Street

• Location: 5200 Yonge Street, Toronto, ON, M2N 5P6
• Starting costs: From CAD 455 per month
• Opening hours: 24/7 for Private Offices and Dedicated Desks, reception hours for other members
• Nearby transport links: North York Centre Underground Station (a three-minute walk away), Sheppard-Yonge Underground Station (a 14-minute walk away), and Finch Underground Station (a 16-minute walk away)

Discover office space in Toronto with Regus

Scaling your business in Canada starts with the right office space in Toronto, offering flexible solutions tailored to your way of working.

Choose from coworking spaces for flexibility, meeting rooms for your critical gatherings, or private office spaces in Toronto for a permanent base. Each option gives you full access to essential office facilities.

Find the perfect space to fuel your business’ growth when you get in touch with us.