Toronto’s Bay Street had the highest recorded office rents in 2013, according a new report from Jones Lang LaSalle.

The third annual Most Expensive Streets for Office Space in Canada report revealed Bay Street’s average asking rent was $73.54 per square foot, followed by Vancouver’s Burrard Street at $65.91 and 2nd Street SW in Calgary at $59.72.

“Location is everything,” says Brett Miller, president of Jones Lang LaSalle Canada. “As the Canadian market continues to strengthen, we are seeing that companies are increasingly willing to pay higher rental rates in order to be in prestigious locations.”

Bay Street has had the most expensive asking rents for the last three years. The street runs through the city’s financial district, and cuts through Yorkville, a high-end shopping district.

In 2012, Burrard Street in Vancouver was the third most expensive street in Canada. Between 2012 and 2013, asking prices increased nearly $4 per square foot. This year Calgary’s 2nd Street SW replaced 8th Avenue SW, which held the number two spot in 2012, to become the city’s most expensive street.

The top nine most expensive streets were all in financial, retail or government hubs.