Vancouver’s central business district has Canada’s most expensive office space and the 29th most expensive office space worldwide, according to Cushman & Wakefield’s report Office Space Across the World 2013.
Vancouver office space rented for US$35.84 per square foot per year, according to the report.
The next most expensive cities for office space in Canada are central business districts in:
- Calgary: US$35.13 per square foot per year;
- Ottawa: US$27.94 per square foot per year; and
- Toronto: US$26.84 per square foot per year.
Worldwide, the most expensive cities for office space:
- London’s West End: US$170.68 per square foot per year;
- Hong Kong: US$161.74 per square foot per year; and
- Rio de Janeiro: US$148.76 per square foot per year.
“Demand levels eased over the year in Canada as a result of global economic difficulties, however, they held up sufficiently to result in a rise in prime rents in a number of locations in 2012,” the report noted.
