Burrard Street is the 11th most expensive street in North America for office rental space, according to financial and professional services firm Jones Lang LaSalle's study of 40 office markets released this week.
The study found that the average full service rent on Burrard Street is $48.88 per square foot.
Gavin Reynolds, senior vice-president at Jones Lang LaSalle’s Vancouver office, said the three “triple-A” buildings that landed Burrard in top spot in Vancouver are: Waterfront Centre (200 Burrard St.), Bentall 5 (550 Burrard St.) and Park Place (666 Burrard St.).
“Burrard formed the highest percentage of inventory out of the triple-A buildings in Vancouver,” he said, noting that the Vancouver has nine triple-A office buildings.
Reynolds said that the survey represents what’s happening in Vancouver, which he deemed “the healthiest office market in North America” from a landlord’s perspective.
He noted that there’s been no significant new office construction since Bentall 5 opened in 2007, creating a supply crunch and pushing renewal rates higher.
“When all these tenants have nowhere to go the landlords are able to ask them on renewals to pay higher rates.”
Across North America, the three most expensive streets on the list, per square foot, are:
-Sand Hill Road in Menlo Park, Calif. at $113.64;
-Fifth Avenue in Midtown Manhattan, N.Y. at $97.14; and
-Greenwich Avenue in Fairfield County-Greenwich, Conn. at $89.86.
Canadian streets ranking on the list are:
-Bay Street, Toronto at $52.09 (No. 9);
-Albert Street, Ottawa at $49.94 (No. 10);
-Burrard Street, Vancouver at $48.88 (No. 11);
-Third Avenue, Calgary at $47.51 (No. 13);
-McGill College Avenue, Montreal at $41.05 (No. 15); and
-Upper Walter Street, Halifax at $33.65 (No. 25).
Jenny Wagler
Twitter: JennyWagler_BIV