Tenants of retail units on Toronto’s Bloor Street paid an average U$231 per square foot per year as of the second quarter of 2017; but that’s far from expensive in global terms.
Canada’s most expensive shopping street is number 25 in the world according to the latest report from Cushman & Wakefield, sitting below New Delhi’s Khan Market at $232 and above Ho Chi Minh City’s Best Achieved Shopping Mall at $223.
Bloor Street has slipped in the global ranking from number 22 a year ago.
The world’s most expensive retail space is, once again, New York’s Upper 5th Avenue which costs a staggering $3,000 per square foot per year.
Causeway Bay, Hong Kong ($2,725), New Bond Street, London ($1,719), Via Montenapoleone, Milan ($1,453) and Avenue Champs Elysees ($1,407) complete the top 5.
The report reveals that globally, structural changes are being driven by online retail growth, but consumers want experiences along with convenience. There is growth in the lifestyle, wellbeing and food & beverage sectors.
Consumers are also driving demand for retail space in close proximity to residential and leisure spaces.
Flagship stores remain hugely important and for many stores their online presence has worked to drive sales in their physical stores.
The US dominates the top 5 most expensive shopping streets in The Americas with LA, San Francisco, Chicago and Miami all featuring while Toronto’s Bloor Street is sixth. Vancouver’s Robson Street is ninth with an average rent of U$141 per sq. ft. per year; and Montreal also makes the top 10 with the $135 cost of space on Saint-Catherine W – Street Level.
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
