The Toronto street has seen a 4% rise in rents in the past year to an average $70.14 per square foot, according to a new report from JLL. It’s the seventh consecutive year that the street has been the country’s priciest.
At $61.52 psf., Vancouver’s Burrard Street is the second most expensive office space location followed by Montreal’s Des Canadiens-de-Montréal Avenue at $52.18 psf. This street was boosted by the addition of the L’Avenue building.
"It is not surprising that Bay Street has maintained its position as the most expensive street in Toronto and Canada in general" says Brett Miller, CEO of JLL Canada. "The continued demand for downtown office spaces by tech companies not just in Toronto but also in Vancouver and Montreal is a major factor driving up rents on these streets".
Meanwhile, Alberta’s office market continues to struggle in the wake of the oil downturn with average office rents on Calgary’s 8th Avenue SW falling 10% in 2017 to $41.83 psf.
Other streets in the top 10 include 101 Street Edmonton ($45.67 psf); Albert Street, Ottawa ($44.60 psf); Portage Avenue, Winnipeg ($38.47 psf); Upper Water Street, Halifax ($36.32 psf); and Laurier Blvd, Quebec City ($28.81 psf).
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Bay Street has retained its position as the most expensive street in Canada for office space.