The annual rankings of Canada’s priciest streets to rent office space, by commercial brokerage JLL, featured just one prime commercial street in B.C., ranked in second place.
Can you guess which street it was?
Here are JLL’s 2019 rankings:
1. Bay Street, Toronto, ON
Average gross rent: $77.96 per square foot (p.s.f.)
JLL says: “Bay Street rents have increased by 11.1 per cent since 2017 as tenants continue to compete for the limited amount of prime real estate available. Trophy towers on Bay Street are rapidly approaching $100.00 per square foot in asking gross rent, setting new record highs.”
2. Burrard Street, Vancouver, BC
Average gross rent: $66.25 p.s.f.
JLL says: “Burrard Street remains one of the most desirable office locations in Vancouver. The average gross rent on the street has increased by 7.7 percent since our last report, fueled by strong demand from a growing technology sector.”
3. Avenue des Canediens-de-Montréal, Montreal, QC
Average gross rent: $55.38 p.s.f.
JLL says: “Avenue des Canadiens-de-Montréal held its position as the third most expensive street in Canada, boosted by historically strong market conditions in the city. Although vacancy on the street remains higher than the market average, tenants here are willing to pay an 80.6 per cent rent premium.”
4. 101 Street, Edmonton, AB
Average gross rent: $48.89 p.s.f.
JLL says: “Despite rising vacancy, 101 Street not only held its position as the most expensive office street in Edmonton, but also its fourth-place position on the Most Expensive Streets list this year. The new towers along 101 Street and the growing ICE District continues to attract people seeking a live-work-play lifestyle.”
5. Albert Street, Ottawa, ON
Average gross rent: $44.85 p.s.f.
JLL says: “Ottawa’s most expensive street is located within minutes from Parliament Hill and the amenity-rich and pedestrian friendly Sparks Street. Albert Street recently became even more popular with the completion of the highly anticipated Confederation Line.”
6. 8th Avenue SW, Calgary, AB
Average gross rent: $41.21 p.s.f.
JLL says: “8th Avenue SW has dropped from second place in 2014… Distressed oil prices continue to impact many tenants in Calgary, putting downward pressure on building rents. The average gross rent on 8th Avenue SW has dropped 1.5 per cent from our last report and 31.7 per cent since 2014.”
7. Main Street, Winnipeg, MB
Average gross rent: $39.42 p.s.f.
JLL says: “Part of the Trans-Canada Highway, Main street is a major artery through Winnipeg. Despite increasing vacancy brought on by moving tenants, average gross rents have increased by 2.5 per cent since our last report to $39.42 per square foot.”
8. Upper Water Street, Halifax, NS
Average gross rent: $35.95 p.s.f.
JLL says: “Spectacular harbour views continue to draw high-profile tenants to Upper Water Street... Vacancy on the street is currently well below market, but expected to rise once the new mixed-use development Queen's Marque is completed in the spring of 2020.”
9. King Street West, Kitchener, ON
Average gross rent: $31.56 p.s.f.
JLL says: “This former industrial area has been transformed by a growing tech community to a live-work-play destination now referred to as the Innovation District. King Street West benefits from its proximity to the newly built Ion LRT system and nearby amenities.”
10. Laurier Blvd, Québec City, QC
Average gross rent: $29.65 p.s.f.
JLL says: “Leasing momentum continues to shift away from the downtown area and into the Sainte-Foy submarket, allowing buildings on Laurier Boulevard to command some of the city’s most expensive rental rates.”
To read JLL’s report, click here.