EXPENSIVE STREETS WORLDWIDE: Been thinking about the state of the world. In particular, the economies in different cities. Yeah, I know. Heavy stuff to think about, especially these days. But because commercial property is directly dependent on the state of the economy, the need for industrial and commercial real estate depends on how well businesses are doing. I’m curious to see 2020 reports on this. In the meantime, according to a CRE industry report, the most expensive street in Canada is Bay Street, located in the downtown financial district of Toronto, with an 11.1% increase in average rent from $70.14 per square foot in 2017 to $77.96 in 2019. Some of the most expensive streets in the world for renting commercial space are (ranked 1-50):
#1: the Champs Elysees in Paris ( $ 1,255.90 USD per SF)
#32: Toronto (Bay Street) and Montreal (Ste. Catherine)
#33: Fifth Avenue in New York
#34: Russell Street in Hong Kong
#35: Bond Street in London, UK (above $ 1,100 USD per SF)
