Most Expensive Streets for Office Space by City

[thegx]

Interesting look at average cost of office space per square foot, though the rankings aren't all that surprising.

Toronto - Bay Street - $68.91
Calgary - 8 Ave SW - $55.33
Vancouver - Burrard Street - $54.75
Ottawa - Albert Street - $53.18
Edmonton - 101 St - $49.40
Montreal - Rene Levesque Blvd - $46.46
Halifax - Upper Water Street - $35.57

http://www.calgaryherald.com/business/commercial-real-estate/Calgary+Avenue+second+most+expensive/7618846/story.html

[Nouvellecosse]

Looks like Halifax has the most expensive office street of any metro area under a million.

Now if only that would translate into some impressive office construction!

[Denscity]

Interesting how Vancouver Calgary and Ottawa are pretty much the same.

[SignalHillHiker]

I went looking for St. John's because I was curious to know if we're in a similar range (say >$25) or if we're completely out (say <$20).

I couldn't find that, but I did find how some of the above Canadian streets rank in North America:

http://i45.tinypic.com/4twvg3.jpg
http://www.joneslanglasalle.ca/canada/en-ca/Pages/NewsItem.aspx?ItemID=22849

I think Halifax's rank on this list is impressive.

[Copes]

My understanding is that Class A Office Space in the two new buildings currently being constructed in St. John's (351 Water Street and 5 Springdale Street) is about $35.00 / square foot.

I would guess this is our most expensive office space, so buildings currently existing are probably around the $25.00 - $30.00 range?

I'd say Water Street is our most expensive, but I have no idea what an average rent might be. I'd also be interested to know the cost of retail rent per square foot.

[PoscStudent]

Office space in St. John's had been the most expensive in Atlantic Canada.

[Townie709]

My understanding is that Class A Office Space in the two new buildings currently being constructed in St. John's (351 Water Street and 5 Springdale Street) is about $35.00 / square foot.

I would guess this is our most expensive office space, so buildings currently existing are probably around the $25.00 - $30.00 range?

I'd say Water Street is our most expensive, but I have no idea what an average rent might be. I'd also be interested to know the cost of retail rent per square foot.

$35 would put us right around Dallas and Houston :haha:

[Me&You]

I went looking for St. John's because I was curious to know if we're in a similar range (say >$25) or if we're completely out (say <$20).

I couldn't find that, but I did find how some of the above Canadian streets rank in North America:

http://i45.tinypic.com/4twvg3.jpg
http://www.joneslanglasalle.ca/canada/en-ca/Pages/NewsItem.aspx?ItemID=22849

I think Halifax's rank on this list is impressive.

Gotta look closely for Edmonton... Poor guys weren't bolded with the rest of the Canadian cities...

[someone123]

I expected a much bigger spread between Toronto, Calgary, and other cities.

I don't think the averages are very meaningful. It would be more interesting to see maps.

It's interesting to compare averages I guess but it doesn't say much about how attractive an area is or maybe how much new construction it will see because there are so many differences in terms of scale and building stock. If one city has a lot of older buildings with low rents then it can appear to be less desirable even though new construction could be leased out for more money. Something else to keep in mind given the differences in scale is that you might be comparing 3 or 4 buildings in city A with 50 buildings in city B. The overall average might be higher in city A but you might be able to construct a much bigger set of buildings in city B with a higher average.

In Halifax they were saying that new construction was not economical downtown because average rents were lower than the cost of construction. That is a poor argument. What builders really care about is the cost of construction compared to what they can charge in their brand new building. It turns out, unsurprisingly, that they can charge much more than average, and there are a bunch of new office buildings being built.

[Coldrsx]

^^

Qu'elle Surprise.

[Chadillaccc]

Gotta look closely for Edmonton... Poor guys weren't bolded with the rest of the Canadian cities...

The Toronto stat isn't very impressive but wow, gotta give props to Halifax and Edmonton for being on par/above Phili, Dallas, and Houston... all of which are anchor cities for metro areas of five million plus.

[Wishblade]

I really thought Manhatten had the highest rents in North America. Im pretty surprised thats not the case.

[leftimage]

^^

Qu'elle Surprise.

Quelle. Sorry, couldn't resist :D

[someone123]

Sand Hill Road is where many of the venture capital firms for the Silicon Valley tech industry are located. No surprise that they are paying rents like that. However, that average is just for a small area with office park type developments. There's probably way less office space along Sand Hill Rd than there is along Fifth Ave.

[vid]

You can get office space in Thunder Bay for $8/sqft.

[WhipperSnapper]

The bust in the US has impacted rates and the country would be considered grossly overbuilt by Canadian standards. With that said, what some call impressive, I call not very competitive.