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Toronto, Vancouver and Calgary top the chart as home to the most expensive Canadian office rents
TORONTO, January 29, 2014 — Jones Lang LaSalle (JLL) (NYSE:JLL) today 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.fBurrard 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.f101st 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.
Jones Lang LaSalle is Canada’s fastest growing commercial real estate firm. With Canadian headquarters based in Toronto, the firm also operates in Mississauga, Montreal, Ottawa, Vancouver, Calgary and Edmonton. Jones Lang LaSalle offers tenant and landlord representation, project and development services, investment sales, and integrated facilities management services to owners and tenants in Canada. Jones Lang LaSalle manages over 50 million square feet of facilities across Canada.
About Jones Lang LaSalle Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $4.0 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 3.0 billion square feet. Its investment management business, LaSalle Investment Management, has $47.6 billion of real estate assets under management. For further information, visit www.jll.com.
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