In January, December’s shoppers pay their credit card bills. Retailers look to their receipts to determine if it was a good year or a bad year. In Canada, where “Black Friday” is a relatively recent thing and certainly not as important as Boxing Day, the final numbers on December’s retail sales will be big news (in February when they are published by Statistics Canada).
Landlords holding long term leases are rarely concerned with month-to-month or year-to-year variations in sales. They want to know about the market value of their properties.
The luxury end of the market can be interesting, especially for people who do not shop in such places regularly. With that in mind, here are some lists of the most expensive space. The top rent in Canada is $325/sf which is less than one-tenth (not adjusted for exchange rate) of the top rent in the U.S.
- Financial Post (retail, see also link to Cushman and Wakefield report below)
- Jones Lang LaSalle (office, updated to 2015)
- Globe and Mail (a short summary based on JLL information)
- New York Times (very detailed block by block analysis, even showing how retail rent differs between the sunny and shaded sides of a street)
- Luxury Daily (includes information on some other countries)
So, while you may feel poor after paying your bills, remember that it is your job to work harder and spend more to sustain the economy and justify these rents.