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Canada's Most Expensive Street for Offices

Toronto Office

You gotta pay to be on Bay. For the fourth year in a row, Bay Street topped JLL’s ranking of Canada's Most Expensive Streets for Office Space. The average asking rent on Bay—home to the HQs of banks, investment houses, and accounting and law firms—is $68.52/SF, with Brookfield Place at 161 Bay commanding the highest office rents of any building in Canada. Second was 8th Avenue SW in Calgary ($59.06/SF); Burrard Street in Vancouver, at $58.87/SF, took third spot. While new inventory coming online in markets like Toronto will lead to rent decreases in older Class-A stock, JLL Canada president Brett Miller predicts “headline rents in new developments may raise the top-line rents.”