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Severity of construction pullback raises longer‑term supply concerns

Construction starts last year for commercial property were 63% below 10-year average
As the most recent of Toronto's major office developments, the second phase of CIBC Square at 141 Bay St. will add 1.5 million square feet of office space to the downtown market later this year. (CoStar)
As the most recent of Toronto's major office developments, the second phase of CIBC Square at 141 Bay St. will add 1.5 million square feet of office space to the downtown market later this year. (CoStar)
CoStar Analytics
March 5, 2026 | 1:37 P.M.

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The Greater Toronto Area's sustained and pronounced drop in construction starts across all major commercial property typesis is very concerning and appears to represent an overcorrection, even as some assets, most notably office, contend with oversupply, and population growth has moderated.

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News | Severity of construction pullback raises longer‑term supply concerns