Downtown Toronto Spot May Be Most Expensive Retail Space Ever Leased In Canada

This could be record-breaking for Canadian retail real estate.

One of downtown Toronto's most iconic intersections is asking a record rental rate of $400-per-square-foot.

The property at 2 Bloor West, marketed by Cushman & Wakefield, is looking to lease the space at this high rate, according to commercial real estate information source CoStar News.

READ: Toronto Is Running Out Of Commercial Real Estate And Has Record High Rent

This spot, at the northwest corner of Yonge and Bloor, sits at the base of a 430,000-square-foot tower and is part of a major redevelopment.

The intersection is one of Toronto's busiest, filled with pedestrian traffic, right where the city's subway lines meet.

CoStar reports there are plans to reposition the tower and create 25,417 square feet of retail that can be divided or just linked to one premium tenant.

READ: Toronto’s 5 Hottest Intersections And How They Are Evolving

Of note, as storeys.com previously reported, the Yonge-Bloor intersection is intensely evolving.

The One, an 85-storey tower, is planned at the southwest corner. It would be the tallest building in Canada. And it's rumoured Apple will be one of its tenants.

The Mink Mile has long been one of Toronto's most expensive areas. Now, with the potential tallest tower in Canada, a future Apple store, and the project at 2 Bloor St. West across the way, record rent costs could be in store for potential tenants.

READ: This Toronto Condo Developer Plans To Sell Units For $2,500 Per Square Foot

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Downtown Toronto Spot May Be Most Expensive Retail Space Ever Leased In Canada

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The Versante Hotel sits at 8499 Bridgeport Road in Richmond, near YVR, and has been made available for purchase via private sale.

Today, the Ford government announces the largest GO train service expansion in more than a decade.

From what started as a management company for Pinemount Developments' own rental buildings, Holt Meadow has grown to a contracted-out property management service.

The 1555 Robson Street property, which was previously owned by Align Properties, was put up for sale in February.

Canada’s largest airport, Toronto Pearson, is getting a little work done thanks to a Long-Term Investment in Facilities and Terminals (LIFT) initiative.

Trudeau continues his spree of housing announcements as we near Budget Day next week.