Is Class A office cheaper in Boston or Toronto?

Toronto is cheaper on a USD basis: $57/sqft vs $78/sqft.

Which has better talent depth, Boston or Toronto?

Boston indexes higher on talent depth (95 vs 80).

Which has more sublease availability, Boston or Toronto?

Boston carries higher vacancy (19.5% vs 17.6%) and therefore typically more sublease overhang.

What lease term should I expect in Boston vs Toronto?

Boston typical term is 10 years with 18 months rent-free; Toronto typical term is 10 years with 18 months rent-free.

Boston ($78/sqft, 19.5% vacancy) and Toronto ($57/sqft, 17.6% vacancy) compete on different axes: Boston on talent depth and Toronto on rent and tax.

Class A rent: Boston $78/sqft vs Toronto $57/sqft.
Vacancy: Boston 19.5% vs Toronto 17.6%.
Talent index: Boston 95 vs Toronto 80.
Corporate tax: Boston 28% vs Toronto 26.5%.
Premium flex/seat/month: Boston $1,140 vs Toronto $920.

Boston vs Toronto: Class A office comparison

Boston ($78/sqft, 19.5% vacancy) and Toronto ($57/sqft, 17.6% vacancy) compete on different axes: Boston on talent depth and Toronto on rent and tax.

TL;DR

Class A rent: Boston $78/sqft vs Toronto $57/sqft.
Vacancy: Boston 19.5% vs Toronto 17.6%.
Talent index: Boston 95 vs Toronto 80.
Corporate tax: Boston 28% vs Toronto 26.5%.
Premium flex/seat/month: Boston $1,140 vs Toronto $920.

Market data side-by-side

Metric	Boston	Toronto
Region	Americas	Americas
Country	United States	Canada
Class A rent (USD/sqft/yr)	$78	$57
Class A rent (local)	78 USD	78 CAD
Vacancy	19.5%	17.6%
Trend	flat	flat
Prime yield	6.2%	5.5%
Premium flex / seat / month (USD)	$1,140	$920
Submarkets covered	6	6
Corporate tax	28%	26.5%

Lease norms

Metric	Boston	Toronto
Typical term	10 yrs	10 yrs
Typical rent-free	18 mos	18 mos
Lease norms	Modified-gross with op-ex escalations. Rent-free 18-24 months on 10-year term standard. Lab leases carry distinct economics — base rent plus operating expenses plus utilities pass-through.	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.
Tax note	Combined federal + Massachusetts corporate tax 28%.	Combined federal + Ontario corporate tax 26.5%. Toronto Municipal Land Transfer Tax applies on purchase, not on lease.

Talent

Metric	Boston	Toronto
Talent index (0–100)	95	80
Talent note	Deepest STEM and life-sciences talent pool in the US — anchored by MIT, Harvard, BU. Average all-in compensation indexes 95.	Deepest financial-services and tech talent pool in Canada. Average all-in compensation indexes 80.

Transit & commute

Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station.

Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.

Top submarkets — Boston

Cambridge & Kendall Square — trophy tier · $110/sqft/yr
Kendall Square — trophy tier · $105/sqft/yr
Seaport — trophy tier · $85/sqft/yr

Top submarkets — Toronto

Financial Core — trophy tier · C$82/sqft/yr · ≈ $60.7 PSF/yr USD
South Core — trophy tier · C$56/sqft/yr · ≈ $41.4 PSF/yr USD
King East & Distillery — prime tier · C$55/sqft/yr · ≈ $40.7 PSF/yr USD

Decision criteria

Pick by cost

Toronto is the cheaper Class A market on a USD basis.

Pick by talent depth

Boston has the deeper talent index (95/100 vs 80/100).

Pick by tax

Toronto has the lower headline corporate tax (26.5% vs 28%). Local incentives can change the effective rate materially.

Pick by lease optionality

Boston typical term is 10 years with 18 months free; Toronto runs 10 years with 18 months free.

Pick by transit

Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.

Run a 4-city comparison

Score Boston, Toronto and up to two more markets side-by-side on Class A rent, vacancy, talent, corporate tax, and premium flex pricing — all in USD.

Run a 4-city comparison →

Frequently asked questions

Is Class A office cheaper in Boston or Toronto?: Toronto is cheaper on a USD basis: $57/sqft vs $78/sqft.
Which has better talent depth, Boston or Toronto?: Boston indexes higher on talent depth (95 vs 80).
Which has more sublease availability, Boston or Toronto?: Boston carries higher vacancy (19.5% vs 17.6%) and therefore typically more sublease">sublease overhang.
What lease term should I expect in Boston vs Toronto?: Boston typical term is 10 years with 18 months rent-free; Toronto typical term is 10 years with 18 months rent-free.
How does transit and commuter access compare?: Boston: MBTA subway, commuter rail, and Logan Airport access. Silver Line connects the Seaport to South Station. Toronto: TTC subway plus GO Transit commuter rail converge at Union Station. The PATH connects most Financial Core assets underground.

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

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