Toronto’s Bay Street is the most expensive street in Canada, according to JLL’s Most Expensive Streets Report which reveals the priciest corridors in Canada to rent office space.
”With an 11.1% increase in average rent from $70.14 per square foot in 2017 to $77.96 in 2019, Bay Street located in the downtown financial district of Toronto, once again outranks other major city streets,” said in the report.
Here is the 10 most expensive streets in Canada;
1- Bay Street, Toronto, ON
-Average gross rent: $77.96 p.s.f.
Often referred to as the centre of Canada’s financial industry, Toronto’s Bay Street commands the highest gross rents in the country. Bay Street rents have increased by 11.1 percent since 2017 as tenants continue to compete for the limited amount of prime real estate available. Trophy towers on Bay Street are rapidly approaching $100.00 per square foot in asking gross rent, setting new record highs for the entire Canadian market with every increase.
2- Burrard Street, Vancouver, BC
-Average gross rent: $66.25 p.s.f.
Burrard Street remains one of the most desirable office locations in Vancouver. The average gross rent on the street has increased by 7.7 percent since our last report, fueled by strong demand from a growing technology sector.
3- Avenue des Canediens-de-Montréal, Montreal, QC
-Average gross rent: $55.38 p.s.f.
Avenue des Canadiens-de-Montréal held its position as the third most expensive street in Canada boosted by historically strong market conditions in the city. Although vacancy on the street remains higher than the market average, tenants here are willing to pay an 80.6 percent rent premium from market average to be located here.
4- 101 Street, Edmonton, AB
-Average gross rent: $48.89 p.s.f.
Despite rising vacancy, 101 Street not only held its position as the most expensive office street in Edmonton, but it also held its 4th place position on the Most Expensive Streets list this year. The new towers along 101 Street and the growing ICE District continues to attract people seeking a live-work-play lifestyle.
5- Albert Street, Ottawa, ON
-Average gross rent: $44.85 p.s.f.
Ottawa’s most expensive street is located within minutes from Parliament Hill and the amenity-rich and pedestrian friendly Sparks Street. Albert Street recently became even more popular with the completion of the highly anticipated Confederation Line.
6- 8th Avenue SW, Calgary, AB
-Average gross rent: $41.21 p.s.f.
Calgary’s 8th Avenue SW has dropped from second in 2014 to seventh place in this year’s edition of the Most Expensive Streets. Distressed oil prices continue to impact many tenants in Calgary, putting downward pressure on building rents. The average gross rent on 8th Avenue SW has dropped 1.5 percent from our last report and 31.7 percent since 2014.
7- Main Street, Winnipeg, MB
-Average gross rent: $39.42 p.s.f.
Part of the Trans-Canada Highway, Main street is a major artery through Winnipeg. Despite increasing vacancy brought on by moving tenants, average gross rents have increased by 2.5 percent since our last report to $39.42 per square foot.
8-Upper Water Street, Halifax, NS
-Average gross rent: $35.95 p.s.f.
Spectacular harbour views continue to draw high-profile tenants to Upper Water Street, which once again claims the top spot as the most expensive office street in Halifax. Vacancy on the street is currently well below market but expected to rise once the new mixed-use development Queen’s Marque is completed in the spring of 2020.
9- King Street West (Downtown Kitchener), Waterloo Region, ON
-Average gross rent: $31.56 p.s.f.
This former industrial area has been transformed by a growing tech community to a live-work-play destination now referred to as the Innovation District. King Street West benefits from its proximity to the newly built Ion LRT system and nearby amenities which have attracted both established companies and start-ups to the street.
10- Laurier Blvd, Québec City, QC
-Average gross rent: $29.65 p.s.f.
Leasing momentum continues to shift away from the downtown area and into the Sainte-Foy submarket, allowing buildings on Laurier Boulevard to command some of the city’s most expensive rental rates.