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Where Are the Ten Most Expensive Office Streets in America?

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?

  1. 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.
  2. 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.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.

Knipp Commercial is proud to offer general contracting and commercial real estate services in Arizona, Nevada, and Georgia. We invite you to visit us online at www.KnippCommerical.com and view our online portfolio.

Knipp Commercial
info@knippcontracting.com
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www.KnippCommercial.com
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Source: https://www.bisnow.com/national/news

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