Vancouver has 3rd most expensive office space!

(April 20, 2011)

Vancouver's office spaces are the third most expensive in North America as of last December, according to a report released by Colliers International.

Vancouver, with a cost of US$52.99 per square foot, placed 23rd in the global rankings, behind only New York's Midtown Manhattan at $65.04 and Washington, D.C., at $53.59.

Hong Kong again finished first in the rankings with the price of $191.97 per square foot, and analysts say the cost is expected to rise as supply and demand continues to skew towards the demand side.

As for Canada, the report said Canada has been buoyed by strong job growth and a commodities-driven economy, something not seen in the United States. Construction of new offices, however, continues to slow, especially in major commercial centres like Toronto and Calgary.

Toronto ranked 27th at $51.29, while Calgary fell to 45th at $39.49. Other Canadian cities on the top 50 list include Ottawa (32nd, $48.31) and Edmonton (50th, $38.47).