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CA Canada’s most expensive streets

Property Here - Friday, December 28, 2012

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Jones Lang LaSalle recently revealed the top seven most expensive streets for office space in Canada. Toronto’s Bay Street comes in at No. 1 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, which is 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 that city. Burrard Street in Vancouver lands in third place – 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,” says 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 top 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 Montreal came in sixth position, falling from last year’s fifth place.

“While some of these streets command high-end rents, compared to our global counterparts, we look reasonable,” says 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.”