Total leasable area is another important factor, as retail leases are usually assessed by the square foot. Although data were not available for the type of older construction discussed here, it was estimated that rates could be as low as $9/square foot (Interview with Cushman & Wakefield representative, 2011).Ħ. For example, in 2009 newly constructed strip mall units averaged $18–24/square foot while street front units averaged $20–90/square foot (Cushman & Wakefield, 2011). While not a comprehensive study, retail real estate professionals interviewed confirmed significantly lower lease rates for strip mall units compared to other retail forms. Interviews with two residential developers confirmed development pressure along these arterials, especially for sites located adjacent to subway stations.ĥ. These later stations are all in North York and noted in Figure 2.Ĥ. While the majority of Toronto's subway system was completed by the late 1970s, new stations were added in 1987 (North York Centre), 1996 (Downsview Station), and 2002 (Sheppard Line). This definition of arterials is used by city policies to classify streets for the Avenues redevelopment strategy.ģ. Arterials are defined by the City of Toronto's road classification system (2002) as streets where traffic movement is a primary function, speed limits are between 40–60 km/hr and streets accommodate more than 1500 bus passengers per day. Affordability is used here to refer to the cost of rental space for business owners, rather than for consumers.Ģ.
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