“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.”
8th Avenue Southwest in Calgary was the list’s biggest mover, dropping from second last year (with rents at $60.3) to Canada’s fifth in 2015 with rents dipping to $45.60.
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Toronto’s Bay Street is the most expensive for office space according to a JLL report. The real estate firm says that rents have reached $68.19 per square foot, securing the financial centre’s league-topping position for the fifth straight year. Vancouver’s iconic Burrard Street ranked second at $57.72 per square foot, Queen Street in Ottawa was third at $49.34 and Montreal’s Rene-Levesque West was fourth at $48.28.