A recent article from CBC stated that, for the third year in a row, the highest office rents in all of Canada could be found on Toronto's Bay Street, where asking rents for office space averaged $68.87 per square foot. Bay Street not only takes in the city's financial district, but also stretches into the high-end Yorkville shopping district. This is the third year in a row that Bay Street has been named the highest rent street.
Ranked second on the list was Vancouver's Burrard Street, where office space rents averaged $58.47 per square foot. Rents are up nearly $4 per square foot since 2012, the article stated, bumping Burrard Street from last year's third place position. Coming in third for this year and for the first time was Calgary's Second Street S.W. -- where some of the city's tallest buildings are. Second Street S.W. features an average office space rent of $55.29 per square foot. Other streets with the highest office space rents were Ottawa's Albert Street; 101st Street N.W. in Edmonton; René-Lévesque West in Montreal; Upper Water Street in Halifax; Winnipeg's Portage Avenue; and Québec City's Laurier Boulevard (Rates breakdown herein below).
According to the article, Canada's office space market continues to strengthen and there are plenty of businesses that are willing to compete and pay a higher rent to be in their preferred location. The list was compiled of the office rents in financial, retail and government hubs. It does not, however, include residential streets.
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Average office rates on the most expensive streets in other cities are:
- Ottawa's Albert Street, where office rents are $53.40 per square foot.
- Edmonton's 101st Street N.W., where office rents are $48.19 per square foot.
- Montreal's René-Lévesque West, where office rents are $44.62 per square foot.
- Halifax's Upper Water Street, where office rents are $35.65 per square foot.
- Winnipeg's Portage Avenue, where office rents are $35.17 per square foot.
- Québec City's Laurier Boulevard, where office rents are $28.14