Location is everything
See the most expensive real estate markets in Canada, all the way down to street level. Toronto’s Bay Street tops the list once again, but others might surprise you.
For the fifth consecutive year, Toronto’s Bay Street tops the chart of Canada’s most expensive streets.
Often referred to as “Canada’s financial capital”, the #1 ranked street commands the highest gross rents in the country.
8th Avenue Southwest in Calgary was the list’s biggest mover, dropping from second last year to Canada’s fifth most expensive street in 2015 with rents dipping to $45.60 p.s.f.
Vancouver’s iconic Burrard Street ranked second at $57.72 per square foot, Queen Street in Ottawa was third at $49.34 p.s.f. and Montreal’s Rene-Levesque West was fourth at $48.28 p.s.f., with average rents for office space on this street reaching 68 percent greater than the location average.
Average rents on the most expensive streets are down 6.6 percent since a year earlier, driven primarily by the sharp contraction in Alberta and recent deliveries across the major office markets. Vacancy on these most expensive streets is up 200 basis points which is higher than the national average. New office deliveries has prompted several large tenants to move from the older ‘Triple A’ office towers, often located on these most expensive streets, to the new supply.
Click here to read the press release.
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