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Toronto’s Bay Street Named Canada’s Most Expensive Street for Office Space

JLL report identifies country’s key prestigious streets in Toronto, Vancouver, Ottawa, Montreal and Calgary

​TORONTO, Dec. 14, 2015 – Canada's financial capital also commands the highest gross rents in the country, according to a report by JLL. The firm today released its annual study of the Most Expensive Streets for Office Space in Canada, with Toronto's Bay Street topping the chart for the fifth consecutive year with rents reaching $68.19 per square foot (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.

“Location is everything,” said Brett Miller, President of JLL Canada. “Average rents for office space on Bay Street were more than 100 percent higher than the average rents for Toronto. However, tenants are willing to pay a premium for addresses close to attractive amenities such as restaurants, retail and residential, which allows them to capitalize on the live, work and play mentality that is a growing demand.”

8th Avenue Southwest in Calgary was the list’s biggest mover, dropping from second last year with rents at $60.38 to Canada’s fifth most expensive street in 2015 with rents dipping to $45.60 p.s.f. It remains Calgary’s most expensive street even though commodity prices in the energy sector have been impacting many Class A tenants and rents.

“The sentiment in Calgary is one of renewal,” said Damien Mills, Executive Vice President and Managing Director of Western Canada. “The city has clearly gone through a correction in 2015. Though it’s been tough on landlords, it will provide a needed expense break for tenants to fuel future development. We’re already starting to see improved financial reporting in the oil and gas sector, showing that the correction has forced a refocus and has shaped a platform for growth and sustainability.”

According to JLL Canada, rents on the following nine streets cost the most per-square-foot:


See the link here for results from last year’s study.

For more news, videos and research resources on JLL Canada, please visit the firm’s media centre Web page:

JLL is Canada’s fastest growing commercial real estate firm. JLL has two offices in Toronto, with the headquarters located downtown. The firm also operates in, Mississauga, Montréal, Ottawa, Vancouver, Calgary and Edmonton. JLL manages more than 50 million square feet of facilities across Canada. The firm offers tenant and landlord representation, project and development services, investment sales, occupier strategies and solutions, advisory and appraisal services, debt capital markets and integrated facilities management services to owners and tenants in Canada.

About JLL
JLL (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. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000.  On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit​