Jones Lang LaSalle has released its third annual Most Expensive Streets for Office Space in Canada report, ranking the streets with the highest office rents in 2013. Topping the list this year are: Bay Street, Toronto at $73.54 per square foot; Burrard Street, Vancouver at $65.91 per square foot; and, 2nd Street SW, Calgary at $59.72 per square foot.
“Location is everything”, said Brett Miller, President of Jones Lang LaSalle Canada, “As the Canadian market continues to strengthen, we are seeing that companies are increasingly willing to pay higher rental rates in order to be in prestigious locations.”
The most expensive streets fall into financial, retail, or government hubs that are highly prominent and competition to get space is growing.
The Top Most Expensive Streets for Office Space in Canada (asking rents):
1. Bay Street, Toronto, ON, $73.54 p.s.f.
Bay Street topped the list for the third year running. The street spans through both the heart of Toronto’s financial district and Yorkville, a high-end shopping district.
2. Burrard Street, Vancouver, BC, $65.91 p.s.f
Burrard Street has moved up since 2012, when it took third place. With increased office asking prices of nearly four dollars per square foot, the street is a centre point of downtown Vancouver.
3. 2nd Street SW, Calgary, AB, $59.72p.s.f.
2nd Street SW made the list for the first time this year, succeeding last year’s 8th Avenue SW. Located in Calgary’s financial district; it is home to some of Calgary’s tallest buildings.
4. Albert Street, Ottawa, ON, $53.40 p.s.f.
Albert Street held its fourth place position from 2012, after having dropped from second in 2011. The street is central to many government towers and facilities.
5. 101st Street NW, Edmonton, AB, $57.25 p.s.f
101st Street NW kept its position of fifth place. With retail and office space available, the area is appealing to a variety of tenants.
6. René-Lévesque W, Montreal, QC, $57.04 p.s.f.
René-Lévesque W has maintained its position from 2012. Acting as a thoroughfare, the street is lined with numerous high-rise office towers.
7. Upper Water Street, Halifax, NS, $35.83 p.s.f.
Upper Water Street has maintained seventh place from 2012, after moving up from 9th place in 2011. Located on Halifax’s waterfront, it is home to large office complexes.
8. Portage Avenue, Winnipeg, MB, $36.36 p.s.f.
Portage Avenue has kept its position in eighth place since 2012. It acts as a thoroughfare, connecting east and west ends of Winnipeg.
9. Laurier Boulevard, Québec City, QC, $31.00 p.s.f.
Laurier Boulevard held its ninth place position. Known for its retail, the street also acts as a main artery in the city.