For the second year in a row, Toronto’s Bloor Street has finished sixth among the most expensive retail locations in the Americas, according to a new report from Cushman & Wakefield.
The annual report, Main Streets Across The World, tracked 451 of the top retail streets around the globe, ranking the most expensive based on their prime rental value and trends in retail real estate.
Bloor Street’s “Mink Mile” between Yonge Street and Avenue Road, was found to have had a rental rate of US$231/SF per year, down slightly from 2016.
“Between Yonge Street and Avenue Road, Bloor Street’s 'Mink Mile' attracts the highest retail rents in Canada and is recognized as one of the most luxurious shopping streets in North America,” Cushman & Wakefield Senior Vice President Philip Traikos said.
“While traditionally reserved as a haven for expensive designer fashion, more aspirational luxury fashion is moving into the area, widening the area’s accessibility to a greater net of shoppers. Notwithstanding, it’s well-known among locals and Canadians as Toronto’s signature street exuding elegance and sophistication.”
In the Americas, Bloor Street finished behind top-ranked New York’s Fifth Avenue, which led all streets with a whopping $3K/SF rent per year. Coming in second was Los Angeles’ Rodeo Drive, followed by San Francisco’s Union Square, Chicago’s North Michigan Avenue and Miami’s Lincoln Road.
Other Canadian streets finishing in the top 10 included Vancouver’s Robson Street ($141 rent per SF per year) and Montreal’s Saint-Catherine W – Street Level ($135/SF per year).
Globally, Bloor Street finished 25th. The top five globally were New York’s Fifth Avenue, Hong Kong’s Causeway Bay, London’s New Bond Street, Milan’s Via Montenapoleone and Paris’ Avenue des Champs Elysees.
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