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News release

Canada’s Most Expensive Streets

Toronto’s Bay Street Remains Number One While Edmonton Experiences Highest Rent Increase


​TORONTO, December 1, 2016 – Bay Street in Toronto's Financial District remains Canada's most expensive street for office space leasing for the sixth year in a row, according to JLL's newly released report, Most Expensive Streets for Office Space in Canada.  Although average rent has slightly decreased from $68.19 per square foot in 2015 to $67.31 in 2016, Bay Street between Front and King Street, once again outranks all other locations across every major city in Canada.

In Vancouver, BC, Burrard Street holds its place as the second most expensive street at $57.81 per square foot, while René-Lévesque West Boulevard in Montreal, QC climbed to number three with $47.81 per square foot in average rent.  Albert Street in Ottawa, ON took fourth place edging out Queen Street which held third place in 2015.   

"Although every other city and street has changed in some degree over the last six years, the demand and prestige of leasing in Toronto's financial district has consistently propelled Bay Street to the top of this list", states Brett Miller, President of JLL Canada. "The difference between Toronto's average market rent for office space and leasing on Bay Street, is more than half, with the former being $33.11 per square foot". 

8th Avenue in Calgary, AB held on to its fifth place rank with an average rent of $45.89 per square foot, despite a 24.0 percent decrease in rents in a short two year period. Calgary landlords suffered while tenants benefited as the average rent on 8th Avenue, between 1st Street SW and 5th Street SW, spiraled from $60 per square foot to $45.60.

Edmonton, AB remained in sixth place with average rent on 101 Street increasing by 8.1 percent, from $40.46 in 2015 to $43.72 per square foot in 2016. This rise was largely driven by the Enbridge Centre, the first new financial district office tower built in nearly three decades.    

"Edmonton's 101 Street has always been a thoroughfare for downtown, connecting the north and south of the city" says Chad Boddez, Senior Vice President, Office Leasing & Sales, JLL Canada.  "Manulife Place became one of Edmonton's most prominent office addresses in 1983 when it joined other established buildings, including Scotia Place, TD Tower, HSBC Bank Place and the MNP Tower.  Commerce Place was added in 1990, and EPCOR Tower revitalized the street again in 2011.  The opening of the new Enbridge Centre has been another welcome contribution to the street, and enjoys a low vacancy rate upon opening due to its central location and pedway connections."

Despite maintaining their fifth and sixth place respectively, Calgary and Edmonton's commercial real estate market continues to endure the impact of low oil prices, and the oversupply of construction projects. 

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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 $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $59.1 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 www.jll.com.