People often think of New York and San Francisco when they talk of expensive places to do business in North America — but they'd also be right on the money if they considered Toronto or Vancouver.
Toronto's financial district at dusk. (Photo: Mbbirdy/Getty Images)
Both Canadian cities rank among the 10 most expensive places to set up an office in the continent, according to a report by commercial real estate firm CBRE.
Vancouver came in third, with annual gross asking rent of $39.93 per sq. ft. in the first quarter of 2016. Toronto placed seventh with asking rent of $36.06 per sq. ft.
New York and the San Francisco Bay Area had costs of $75.35 and $59.59, respectively.
Downtown Vancouver. (Photo: Amyn Nasser/Getty Images)
The report looked at the best cities for tech talent, ranking cities according to several factors, such as local wages and the cost of leasing an office.
By that measure, Vancouver actually ranked lowest out of 50 cities, at a total annual cost of just over $29 million. Toronto's total cost was about $31 million.
Here are the 10 most expensive cities in which to rent an office in North America:
10) San Diego
Asking rent per sq. ft.: $32.22
9) Austin, Texas
Asking rent per sq. ft.: $32.65
8) Miami, Fla.
Asking rent per sq. ft.: $33.21
7) Toronto, Ont.
Asking rent per sq. ft.: $34.11
6) Los Angeles, Calif.
Asking rent per sq. ft.: $35.98
5) Boston, Mass.
Asking rent per sq. ft.: $36.06
4) Washington, D.C.
Asking rent per sq. ft.: $36.50
3) Vancouver, B.C.
Asking rent per sq. ft.: $39.93
2) San Francisco Bay Area, Calif.
Asking rent per sq. ft.: $59.59
1) New York
Asking rent per sq. ft.: $75.35
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