The Glebe had the highest retail rents of any Ottawa neighbourhood in the past year, according to a new report from commercial real estate services firm Colliers International.
The Glebe Apothecary. (Google Street View image)
The neighbourhood just south of the city’s Parliamentary precinct had a quoted annual rent of $45 a square foot. Westboro was next at $42 while the ByWard Market rounded out the Ottawa areas included in the report with a quoted rent of $30 a square foot.
That was down from the $45 that Colliers recorded for the Market the year before.
However that’s only because the 2012 numbers included numbers from non-store retail such as bars and restaurants, said Andrew Dawdy, a local Colliers sales representative. This year’s figure did not.
Across the country the most expensive space was on Bloor Street in Toronto, which had a quoted rent of $315 a square foot. Robson Street in Vancouver and Ste. Catherine St. W in Montreal were next at $200 a square foot each.
The report’s authors said Canadians’ spending habits are changing.
“Canada’s recent influx of large American retailers has Canadian retailers feeling pricing pressure and struggling to adapt to changing consumer demands,” the report said.
American retailers such as Target have expanded into Canada in the past year. It opened up several stores in Ottawa during the past few months.