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.
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.
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.
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.