10 Most Expensive Office Streets in the Country
While we all know that some cities are more expensive than others, what about specific streets? With high rates of tourists ready to shop and startups looking for funding, these 10 streets have rents twice the market rate and, according to JLL research, are the most expensive streets in the US.
Location: San Francisco Peninsula
Type: Suburban
2015 street rent per SF: $141.60
Difference to market rent per SF: $88.11
This road is a symbol of private equity, being home to the many venture capital companies that supply Silicon Valley with funding. The years following the dot-com boom of the late 1990s caused Sand Hill Road's rents to spike, sometimes passing rates in Manhattan and London's West End.
Location: Silicon Valley
Type: Suburban
2015 street rent per SF: $124.44
Difference to market rent per SF: $82.76
Blame the tech boom for this Palo Alto street making the list for the first time. Tech startups like SurveyMonkey, Palantir and Ning all once occupied spaces on this sunny street.
Location: New York
Type: CBD
2015 street rent per SF: $119.27
Difference to market rent per SF: $48.63
Lined with luxury retailers (and their flagships) like Saks Fifth Ave, Louis Vuitton and Prada, Manhattan's Fifth Avenue is actually the world's most expensive retail location two years running.
Location: Fairfield County
Type: CBD
2015 street rent per SF: $90.25
Difference to market rent per SF: $58.45
This Connecticut street has roots as a place for hedge funds and other financial services, while still being close to the city. The commercial hub caters largely to the wealthy neighborhood of Greenwich.
Location: San Francisco
Type: CBD
2015 street rent per SF: $89.58
Difference to market rent per SF: $22.78
San Francisco's Board of Supervisors just gave Forest City the green light to start developing two luxury towers on Mission Street. The massive 5M SF project will have 825.6k SF of office space and 74.8k SF of retail space.
Location: Washington, DC
Type: CBD
2015 street rent per SF: $72.65
Difference to market rent per SF: $36.12
It shouldn't come as a surprise that the President's street has some pretty high rents. But are they too (damn) high? When the FBI's 2.1M SF HQ redevelopment starts to have problems with the budget, a correction might be in order.
Location: Boston
Type: CBD
2015 street rent per SF: $67.44
Difference to market rent per SF: $34.27
Rents in Bolyston rose rapidly, at 1.3 times the rate of any other expensive street. Maybe that's because the street conveniently runs through Boston's Back Bay and Financial District—two pricey locations.
Location: Los Angeles
Type: Suburban
2015 street rent per SF: $63.12
Difference to market rent per SF: $27.85
This main road was built on a former ranch owned by actor Tom Mix, which was also used to build the backlot of 20th Century Fox. William Zeckendorf was hired for that development.
Location: West Palm Beach
Type: CBD
2015 street rent per SF: $58.07
Difference to market rent per SF: $28.25
This palm-tree lined road in West Palm Beach has a high concentration of wealth management and financial services firm, earning itself the nickname "Banker's Row."
Location: Orange County
Type: Suburban
2015 street rent per SF: $51.72
Difference to market rent per SF: $23.13
This 1.3-mile ring has limited new development and is already home to gigantic shopping center Newport Center (also known as "Fashion Island"). The shopping and entertainment district was built in the 1960s as Irvine's unofficial downtown.
