Bloor Street strip boasts 20th most expensive retail rents in the world
Sep 24, 2010
September 24, 2010
Walking along the strip from Avenue to Yonge along Bloor St., you see some pretty classy people carrying some pretty expensive stuff. And despite the never ending construction, the strip still has been ranked the 20th most expensive place to put your store in the world. Apparently the strip has been called “The Mink Mile”, but I’ve never heard that.
A survey conducted by Cushman & Wakefield, a New York real estate company. According to the Financial Post:
…the strip along Bloor street in downtown Toronto now charges an average rent of $313 per square foot per year. That’s up from $300 per square foot per year a year earlier when Toronto finished 21st.
But that’s still relatively “cheap” compared with other places. Fifth avenue in New York had rents of $1850 per square foot and Hong Kong’s Causeway Bay had rents of $1,664 per square foot. Wow!
And what do the authors of the study have to say about Canada? According to the Financial Post:
“Canada continues to offer outstanding value for money for high-end retailers from the US and Europe…Despite significant upheaval due to construction along the entire Bloor retail strip, luxury retailers continued to drive demand leading to higher rents.”
So maybe “The Mink Mile” will keep climbing up this list. After all, it has to climb at least after the construction.