Free tool
TMI estimator
A net rent is half the number. Pick the market and the kind of space, enter the area, and see what taxes, maintenance and insurance add per month and over the term, against the latest published figure for that market. Have a quote? Enter it and see how far it sits from the market.
Runs entirely in your browser. Nothing you type is sent or stored.
What TMI is
TMI, taxes, maintenance and insurance, is the tenant's share of what it costs to own and run the building, paid on top of the net rent. It is quoted in dollars per square foot per year, billed monthly as an estimate from the landlord's budget, and trued up after year end against the actual costs. Net rent plus TMI is the gross rent, which is the number a tenant actually pays. Our guide What is TMI? covers the definitions; How to check a TMI reconciliation covers the year-end statement.
How the estimate works
TMI a year = TMI ($/SF/yr) × rentable area · TMI a month = that ÷ 12 · gross rent = net rent + TMI
- The market figure is the additional rent a brokerage published for that market and quarter, listed in the tables below with its source. Where a report gives gross and net rents but no TMI, the figure is the difference and is marked derived.
- Your quote replaces it when you enter one; the estimator then shows the gap to the market in dollars and percent. A quote well above market is a reason to ask for the budget; one well below is a reason to ask what the base year or the cap is.
- Over the term, year one is at the figure and each later year rises by the increase you enter, prorated for a partial last year. TMI is not fixed: it moves with the tax bill and the operating budget, and recent reconciliations are the best guide to the rate.
- Net rent defaults to the market's published net rent so the gross is a like-for-like number; enter the quoted net rent to see the gross for the actual offer. To compare offers with free rent and allowances, use the net effective rent calculator.
Office TMI by market, 2026
| Market | Net rent | TMI | Gross | Period | Source |
|---|---|---|---|---|---|
| Canada, all markets | $23.03 | $20.00 | $43.03 | Q2 2026 | [1] |
| Toronto, downtown | $43.35 | about $29.13, derived | $72.48 | Q3 2026 | [3] |
| Toronto, suburban | $18.48 | about $18.62, derived | $37.10 | Q3 2026 | [3] |
| Vancouver, metro | about $33.33, derived | $21.46 | $54.79 | Q2 2026 | [4] |
| Montreal, greater | $20.19 | about $19.16, derived | $39.35 | Q2 2026 | [5] |
| Ottawa | $17.64 | $18.97 | $36.60 | Q2 2026 | [6] |
| Calgary | $16.13 | about $18.86, derived | $34.99 | Q2 2026 | [8] |
| Edmonton | about $16.25 | $16.68 | $32.93 | Q2 2026 | [9] |
| Winnipeg | $16.35 | about $16.36, derived | $32.71 | Q1 2026 | [10] |
| London, Ontario | $13.86 | $12.75 | $26.61 | Q3 2026 | [11] |
Three markets publish only a gross rent, with no split: Saskatoon at $38.58 in Q2 2026 [1], Halifax at $31.93 in Q3 2026 [12] and Waterloo Region at $29.63 in Q2 2026 [13], so they are not in the list. Publishers differ, too: for Ottawa office, Cushman & Wakefield puts TMI at $18.97 [6] and Avison Young at $19.95 [7]; Avison Young's six-market national average net rent was $24.00 [2].
Industrial TMI by market, 2026
| Market | Net rent | TMI | Period | Source |
|---|---|---|---|---|
| Canada, all markets | $14.82 | $4.94 | Q2 2026 | [14] |
| Greater Vancouver | $18.87 | $6.16 | Q2 2026 | [15] |
| Fraser Valley | $18.22 | $5.66 | Q2 2026 | [15] |
| Calgary | $10.68 | $4.92 | Q2 2026 | [16] |
| Edmonton | $11.72 | $4.99 | Q2 2026 | [17] |
| Saskatoon | $14.16 | $5.12 | Q2 2026 | [14] |
| Winnipeg | $10.55 | $2.91 | Q2 2026 | [14] |
| Greater Toronto Area | $16.03 | $4.28 | Q2 2026 | [18] |
| Hamilton | $12.78 | $3.42 | Q2 2026 | [18] |
| Waterloo Region | $13.63 | $3.72 | Q2 2026 | [19] |
| London, Ontario | $10.77 | $3.87 | Q3 2026 | [20] |
| Ottawa | $16.75 | $6.19 | Q2 2026 | [21] |
| Montreal | $14.06 | $4.68 | Q2 2026 | [22] |
| Halifax | $15.05 | $7.94 | Q2 2026 | [23] |
Treat the Winnipeg row with care: the national report's $2.91 sits well below the $4.00 in Cushman & Wakefield's own Winnipeg report for the quarter before [14] [24].
How to read the number
The market figure is an average or an asking rate for a whole market, so a specific building can sit well off it: a new tower carries a higher tax assessment than a 1980s building two blocks away, and a lease that puts management fees, capital repairs or a gross-up into operating costs charges more than one that does not. Use the estimate to size the budget and to spot a quote that needs explaining, then ask for the current year's budget, the last two reconciliations and the building's rentable area. The full picture of why cities differ, from property tax ratios to insurance, is in TMI by city, Canada 2026.
A worked example
A 5,000 square foot suburban Toronto office, quoted at $21.50 TMI on a five-year term, with TMI rising 3% a year.
- The published suburban Toronto figure is about $18.62 [3], so the quote is $2.88, or 15.5%, above it: ask for the budget.
- At $21.50, TMI is $107,500 a year, $8,958 a month; with the market's $18.48 net rent the all-in is $16,658 a month before utilities and HST.
- Over five years at 3% a year: $114.15 a square foot, $570,732, $33,232 more than if TMI stayed flat.
and change one thing at a time to see what moves the number.
Questions
What is TMI on a commercial lease?
TMI is the tenant's share of the building's property taxes, maintenance (operating costs) and insurance, paid on top of the net rent, usually quoted in dollars per square foot per year and paid monthly as an estimate that is reconciled after year end. Gross rent is net rent plus TMI.
How much is TMI per square foot in Canada?
On office space, the national average was $20.00 per square foot per year in Q2 2026 [1], from about $12.75 in London, Ontario [11] to about $29 in downtown Toronto [3]. On industrial space the average was $4.94 [14], from $2.91 in Winnipeg [14] to $7.94 in Halifax [23].
How do you estimate the TMI on a space?
Multiply the TMI rate in dollars per square foot per year by the rentable area for the annual amount, and divide by twelve for the monthly estimate. Add the net rent for the gross rent. For the term, apply the yearly increase the landlord's budgets have shown; TMI is reconciled against actual costs each year.
Is the market figure what my lease will charge?
No. It is the average or asking additional rent a brokerage reported for that market and quarter, and it depends on the building's age, class, tax bill and how the lease defines operating costs. Use it to check a quote, then ask for the current year's budget and the last two reconciliations.
Is my data uploaded?
No. The page calculates in your browser and sends nothing. If you name a tenant and choose Start free with this lease, the one lease row travels in the link inside your browser and reaches Frontage only when you press Import in your new account.
Sources
- Cushman & Wakefield, Canadian National Office MarketBeat Q2 2026 (Q2 2026)
- Avison Young, Canadian office market report Q2 2026 (Q2 2026)
- Cushman & Wakefield, Toronto Office MarketBeat Q3 2026 (Q3 2026)
- Avison Young, Metro Vancouver office report Q2 2026 (Q2 2026)
- Avison Young, Montréal office market report Q2 2026 (Q2 2026)
- Cushman & Wakefield, Ottawa Office MarketBeat Q2 2026 (Q2 2026)
- Avison Young, Greater Ottawa office market report Q2 2026 (Q2 2026)
- Cushman & Wakefield, Calgary Office MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Edmonton Office MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Winnipeg Office MarketBeat Q1 2026 (Q1 2026)
- Cushman & Wakefield, London Office MarketBeat Q3 2026 (Q3 2026)
- Cushman & Wakefield, Halifax Office MarketBeat Q3 2026 (Q3 2026)
- Cushman & Wakefield, Waterloo Region Office MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Canadian National Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Vancouver Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Calgary Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Edmonton Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Toronto Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Waterloo Region Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, London Industrial MarketBeat Q3 2026 (Q3 2026)
- Cushman & Wakefield, Ottawa Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Montréal Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Halifax Industrial MarketBeat Q2 2026 (Q2 2026)
- Cushman & Wakefield, Winnipeg Industrial MarketBeat Q1 2026 (Q1 2026)
The same figures sit inside Frontage, the leasing desk for independent Canadian brokers, where a lease keeps its net rent and TMI and offers are compared on gross effective rent. This page is the estimator on its own: no account, no tracking of what you enter. Market figures as published in the reports above; last updated 15 October 2026.