Looking for affordable office space? Don't look on Bay Street in Toronto.
According to a study of North American office markets by Jones Lang LaSalle, a financial and professional services firm specializing in real estate, Toronto's Bay Street is the 9th most expensive on the continent with average rents ranging from C$52.09 to $78.19 per square foot. That's 81 per cent above the market average of $28.78, reports the Financial Post.
And yet it's a drop in the bucket compared to Sand Hill Road in Menlo Park, Calif., home to a multitude of venture capitalists where the average rent ranges from $113.64 to $198 per square foot or 110.4 per cent above the market average of $54.
What stands out most of all in this survey is that Toronto's, Ottawa's, and Vancouver's top streets are all valued higher than any in San Francisco, San Diego, or Chicago.
"Location is everything in real estate and this study proves it," Jim Becker, president of Jones Lang LaSalle Canada, told the Post. "Despite economic conditions, demand for these prime and often prestigious addresses continues to be high."
There are a half dozen other Canadian streets that ranked in Jones Lang LaSalle's study of the 40 North American office space markets:
*Ottawa's Albert Street ranked 10th. The downtown transit corridor that runs parallel to, and just three blocks south of, Parliament Hill, houses many government offices. The average price is a 66.4 per cent premium over the market average office rental price of $30.01, ranging from $49.94 to $54.19 a square foot.
*Vancouver's Burrard Street is no. 11 with rents that come in 51.8 per cent above the market average $32.21, ranging from $48.88 to $61.80.
*Calgary's Third Avenue is 13th, with rents ranging from $47.51 to $52.97 or 45.3 per cent above market average.
*McGill College Avenue in Montreal is no. 15 with average rents of between $41.05 and $53.39, 57.8 per cent above the market average of $26.02.
*The City of Champions, Edmonton, ranked 19th thanks to 101 Street NW with rents between $38.82 and $44.95, 33.9 per cent above the average of $28.99.
*Halifax's historic Upper Water Street was no. 25 on the list with rents ranging from $33.65 to $34.31, a 27.9 per cent premium over the market average of $26.30.
Can't afford to establish your company's digs on any of the top ranked streets in Canada? Don't fret, it could always be worse.
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