The spillover effect from low oil prices has taken its toll on Calgary’s once booming office market. With office vacancies on the rise the average rents have dropped drastically over the past year.
According to a recently released report by real estate company JLL Canada, the average rent on 8th Avenue has plummeted to $45.60 per square foot per year. This represents a decline of 24.5 per cent from from the previous year. In 2014, the average rent on 8th Avenue was $59.06 per square foot.
Most expensive streets for office space in Canada:
- Bay Street, Toronto $68.19 per square foot
- Burrard Street, Vancouver $52.72 per square foot
- Queen Street, Ottawa $49.34 per square foot
- Levesque Blvd, Montreal $48.28 per square foot
- 8th Avenue, Calgary $45.60 per square foot
- 101st Street, Edmonton $40.46 per square foot
- Upper Water Street, Halifax $36.76 per square foot
- Portage Avenue, Winnipeg $36.37 per square foot
- Laurier Blvd., Quebec City $28.76 per square foot