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Spike in retail rents in prime Vancouver locations

VANCOUVER (NEWS1130) – There has been a huge spike in retail rents on Vancouver’s highest-priced streets, according to a commercial real estate firm.

Colliers International says space on Robson Street now costs $197 US per square foot, up a third from a year earlier. On nearby Alberni Street, it’s even worse, up 43 per cent to $147.

Rents on Granville Street average $123, which is unchanged. West 4th Avenue rents were up five per cent to $49.

Canada’s priciest retail space is still on Bloor Street in Toronto at $315 a foot, although the increase is less than two per cent.

The figures are in US dollars because the Colliers survey is global. On New York’s Fifth Avenue, setting up a store costs more than $3,000 per square foot, about 15 times more than Robson Street.