Canada’s most expensive streetsA look at the top 9 in 2015

#1 Bay StreetToronto, Ontario

Average gross rent:

$68.19 p.s.f.107.0% market premium

CANADA’S MOST EXPENSIVE $TREET$

Often referred to as 'Canada's financial capital', Toronto's Bay Street commands the highest gross rents in the country. Bay Street rents have, however, decreased by 0.5 percent over the past year due to a 56.8 percent increase in vacancy on the street, mainly attributed to tenant migration to the South Core.

#2 Burrard StreetVancouver, BC

Average gross rent:

$57.72 p.s.f.44.2% market premium

1.2 million square feet of new office supply added to the market this year has caused office vacancy along the street to increase by 130 basis points. Despite this, Burrard Street remains a desirable location with rents 11.7 percent above the average downtown office gross rents.

CANADA’S MOST EXPENSIVE $TREET$

#3 Queen StreetOttawa, Ontario

Average gross rent:

$49.34 p.s.f.63.5% market premium

Ottawa’s most expensive street is located within minutes from Parliament Hill and the amenity-rich and pedestrian friendly Sparks Street. Queen Street is set to become even more popular with the completion of the highly anticipated light rail transit line, as it tunnels through 2.5 km of the downtown core under Queen Street.

CANADA’S MOST EXPENSIVE $TREET$

#4 René-Lévesque W.Montreal, Quebec

Average gross rent:

$48.28 p.s.f.68.3% market premium

Although new developments are rising on the outskirts of René-Lévesque West, the boulevard passing east-west through the downtown core is still where the majority of the most expensive office buildings in Montreal are found.

CANADA’S MOST EXPENSIVE $TREET$

#5 8th Avenue SW Calgary, Alberta

Average gross rent:

$45.60 p.s.f.18.7% market premium

After dropping from second place a year earlier, 8th Avenue SW still remains Calgary’s most expensive street. Distressed commodity prices have impacted many Class A tenants, putting downward pressure on rents.

CANADA’S MOST EXPENSIVE $TREET$

#6 101 Street Edmonton, Alberta

Average gross rent:

$40.46 p.s.f.23.8% market premium

Despite rising vacancy, 101 Street held its position as the most expensive office street in Edmonton. With the low oil price environment and 1.7 million square feet of office space under construction, rents are continuing their downward trend. The average rent on the street has dropped 13.4 percent from a year earlier to $40.46 per square foot.

CANADA’S MOST EXPENSIVE $TREET$

#7 Upper Water Street Halifax, Nova Scotia

Average gross rent:

$36.76 p.s.f.36.0% market premium

Spectacular harbour views continue to draw high-profile tenants to Upper Water Street, which once again claims the top spot as the most expensive office street in Halifax. Its 2015 average rent is up 0.9 percent from a year earlier.

CANADA’S MOST EXPENSIVE $TREET$

#8 Portage AvenueWinnipeg, Manitoba

Average gross rent:

$36.37 p.s.f.49.3% market premium

Part of the Trans-Canada Highway, Portage Avenue is a major artery through Winnipeg. Over the past year, average gross rents have increased by 2.0 percent on the street and by 3.1 percent across the city.

CANADA’S MOST EXPENSIVE $TREET$

#9 Laurier BlvdQuébec City, Québec

Average gross rent:

$28.76 p.s.f.27.5% market premium

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.

CANADA’S MOST EXPENSIVE $TREET$

COPYRIGHT © JONES LANG LASALLE IP, INC. 2015

Read more about Canada’s most expensive streets in 2015

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