DAILY NEWS Dec 6, 2012 2:18 PM - 0 comments

Bay Street in Toronto named the most expensive street for office space in Canada

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TORONTO 2012-12-06

Jones Lang LaSalle revealed the top seven most expensive streets for office space in Canada.  Toronto’s Bay Street comes in at number one with average rents running at around $68.91 per square foot (psf) and the top rent on the street comes in at $82.28 psf, a significant 178 per cent higher than the average office rents in the rest of the city. Eighth Avenue SW in Calgary follows with average office rents of $55.33 psf, more than 62 per cent higher than average rents across the city. Burrard Street in Vancouver lands in third place where average rents are $54.75 psf and the top rent on the street is $65.41 psf.

“It is clear from our ranking that companies are keen to pay a premium to be in the most prestigious locations,” said Brett Miller, president, Jones Lang LaSalle Canada. “Our figures also prove that demand is not abating and rents have moved up year-over-year in every city confirming the strength of the Canadian office market.”

According to Jones Lang LaSalle’s second annual ranking, Bay Street retained its poll position while Ottawa’s Albert Street took second place in 2011, this year it fell to fourth place. Calgary’s 8th Avenue SW made its debut this year to reach second on the list. Last year, Calgary’s 3rd Avenue took fourth place. Réne-Lévesque Boulevard West in Montréal came in sixth position falling from last year’s fifth place which featured the city’s McGill College Street.

“While some of these streets command high-end rents, compared to our global counterparts, we look reasonable,” said Miller. “For example, 23 Saville Row in London commands an eye-watering $220 psf while in New York, 667 Madison asks $144.50 psf.  Singapore follows suit with rents at Ocean Financial Center in Raffles Place offering a full service rent of $105.00 psf.”

2012 City Rank

City

Street

Avg. Street Rent

Top Street Rent

Avg. Market Rent

1

Toronto

Bay Street

$68.91

$82.28

$29.56

2

Calgary

8th Avenue SW

$55.33

$76.50

$34.00

3

Vancouver

Burrard Street

$54.75

$65.41

$32.29

4

Ottawa

Albert Street

$53.18

$53.18

$30.26

5

Edmonton

101st Street NW

$49.40

$55.25

$29.99

6

Montréal

Réne-Lévesque W.

$46.46

$56.19

$26.84

7

Halifax

Upper Water St.

$35.57

$35.78

$25.87

   
             

Photos

Photo by Tom Arban
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Caption: Photo by Tom Arban


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