Where Are the Ten Most Expensive Office Streets in America?
According to JLL Research, these deep-pocketed companies are paying up to 47 percent premium for office space, on the most expensive streets in America. Where are the ten most expensive office streets in America?
- Sand Hill Road, Silicon Valley: located in the San Francisco Bay area, Sand Hill Road, has the most expensive office rents in America – at an average of $119.38 per square foot in 2017.
- Fifth Avenue, New York City: it isn’t a surprise to see this street at the top of the list, as Fifth Avenue is one of Manhattan’s most glamourous shopping strips with high-end luxury retails such as Saks, Tiffany & Co. In 2017 the average rent was reported at $116.04 per square foot.
- Mission Street, San Francisco: home to several high-rise buildings including JPMorgan Chase, and the St. Regis Museum Tower, the average rent on Mission Street is approximately $93.68 in 2017.
- Main Street, Boston: the average rent on Main Street, the tech hub of Kendall Square in Cambridge, was $90.00 per square foot in 2017.
- Greenwich Avenue, Connecticut: this street is home to several historical buildings, including the Greenwich Main Post Office, and the Greenwich Old Town Hall – now occupied by major financial services and hedge fund companies – who are paying an average of $86.53 per square foot in rent.
- Pennsylvania Avenue, Washington D.C.: The most important building in America is located on Pennsylvania Avenue – the White House – as well as the U.S. Capitol, Trump International Hotel, and Market Square. The average rent in 2017 was reported to be $80.00 per square foot.
- Ocean Avenue, Los Angeles: known for its massive luxury high-end condos and wealthy occupants, we would expect to see Ocean Avenue on this list. According to JLL, the average rent is $78.20 per square foot, and an impressive vacancy rate of just 7.1 percent.
- Boylston Street, Boston: this premier downtown street commands an average of $68.87 per square foot in 2017, and property values soaring. In 2015, the tower located at 500 Boylston Street sold for $755.3M.
- Royal Palm Way, West Palm Beach: an abundance of high-net worth residents occupy Royal Palm Way, and is home to JP Morgan Private Bank and Merrill Lynch. The average rent in 2017 was reported to be $61.80 per square foot.
- Congress Avenue, Austin: this street in beautiful Austin, Texas has become increasingly attractive to incoming business due to its aggressive retail, multi-family and new office developments. The average rent was reported to be $58.20 per square foot in 2017.
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