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September 23, 2009

Toronto’s Bloor Street, especially around Yorkville, remains a hotspot for commercial activity. In fact, this area remains the most expensive street in Canada for retailers, according to a Cushman & Wakefield study released on September 22. Annually, on average, it costs $300 per square foot to rent retail space in this neighbourhood. Wowzers.. That $450,000 per year for a 1,500 square foot store.

How did other Canadian cities fare over the past year? In second place was Vancouver’s Robson St., ($210 per square foot for retailers), followed by Montreal’s Ste.-Catherine West ($200 per square foot).

According to Cushman, more than half of the world’s top shopping streets were hit hard by the global downturn, with 54 per cent reporting that rents had fallen. Yet, Toronto beat the trend with rents unchanged over the past year. Globally, Toronto placed 21st in the world as the most expensive place for retailers, unchanged from last year.

New York’s Fifth Avenue remains the most expensive street in the world at $1,700 (U.S.) per square foot, down 8 per cent from last year. Hong Kong’s Causeway Bay was the second most expensive place globally at $1,525 per square foot, followed by Paris’ Avenue des Champs Élysées at $1,009.

The biggest drop in rents worldwide was in Mumbai, falling 63.5 per cent on Colaba Causeway, the city’s most prestigious street.

Further Reading…

Rent Falls at World’s Most Expensive Shopping Districts… most since 1985 (September 23, 2009).

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