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News release

Chicago

Jones Lang LaSalle Reveals the Most Expensive Streets for Office Space in North America

Canada’s Bay Street in Toronto and Albert Street in Ottawa Make the Top Ten


In a recent study of 40 office markets across North America, Jones Lang LaSalle reveals the most expensive streets* for office space.  Sand Hill Road in Menlo Park, Calif., topped the list with average rents reaching almost $114 per square foot (psf), while iconic streets such as Fifth Avenue in New York runs at $97 psf and Pennsylvania Avenue in Washington, DC fetches above $80 psf.

Toronto’s Bay Street comes in at number nine with average rents running at around $52 psf and the top rent on the street making $78 psf, a staggering 81 percent higher than the average office rents in the rest of the city.  Albert Street, in the capital follows behind, ranking tenth with an average office rent of $49.94 psf which is 66 percent higher than average rents in the rest of the city. Burrard Street in Vancouver lands in 11th place with average rents hitting $48.88 psf and the top rent on the street coming in at $61.80 psf.

“Rents for office space in these streets were around 60 percent higher than the average rents in the same metropolitan area,” said Jim Becker, President, Jones Lang LaSalle Canada. “Location is everything in real estate and this study proves it.  Despite economic conditions, demand for these prime and often prestigious addresses continues to be high.”

The Top Five Most Expensive Streets for Office Space in Canada:

1. Bay Street, Toronto, $52.09 per square foot
At the epicenter of Toronto’s financial district and possessing one of the lowest historical vacancy rates in Canada, Bay Street is home to many international banks, financial companies such as hedge funds and securities companies as well as law firms.

2. Albert Street, Ottawa, $49.94 per square foot
One of the main east-west streets in downtown Ottawa, Albert Street houses many of the capital’s government office buildings.
 
3. Burrard Street, Vancouver, $48.88 per square foot
A main thoroughfare in the city’s financial district and home to top law firms and financial service and real estate related companies.

4. Third Avenue, Calgary, $47.51 per square foot
Law firms as well as energy and oil companies are among some of the tenants renting space on Calgary’s Third Avenue.

5. McGill College Avenue, Montreal, $41.05 per square foot
The scenic avenue located in downtown Montreal and stretching only four blocks has attracted and retained some of the largest banks, insurance companies and law firms in Canada.

“These streets are really driving Canada’s office market,” said Becker.  “Despite exceeding the national rent average of $32.20 by 28 percent, there is never a shortage of tenants willing to rent space at one of these coveted addresses.”

Across the 40 markets analyzed in the study, rents on the most expensive streets exceed the market average by 49.8 percent.
 

North America’s Most Expensive Streets for Office Space**:
 
Most Expensive Streets in Canada
 
* The rental figures reflect the highest office rents in each individual market.
** The rental information is Jones Lang LaSalle's proprietary data and quarterly review of the top 40 office markets across both the United States and Canada. This data is for Q2 2011.
 
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 70 countries from more than 1,000 locations worldwide, including 200 corporate offices.  The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company’s investment management business, is one of the world’s largest and most diverse in real estate with $45.3 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.