10 Most Expensive Office Streets In America
Companies along America’s most expensive streets are paying top dollar for their offices.
From employers on Sand Hill Road in Silicon Valley to companies with addresses along Fifth Avenue in New York City, these deep-pocketed businesses are paying up to a 47% premium for office space on the 10 most expensive office streets in the country.
Check out the most expensive streets for office tenants in the U.S., according to JLL research.
10. Congress Avenue, Austin, Texas
2017 Average Rent: $58.20/SF
Aggressive retail, multifamily and new office development along Congress Avenue is making the street increasingly attractive to incoming businesses. Congress Avenue is a newcomer to JLL's list. The street is home to premier downtown towers like 100 Congress Ave. The 22-story, 412K SF building, developed in 1986, is owned by the MetLife.
9. Royal Palm Way, West Palm Beach, Florida
2017 Average Rent: $61.80/SF
Office occupiers along this street share space with an abundance of high net worth residents. Royal Palm Way is home to offices of major finance and wealth heavyweights like JP Morgan Private Bank, Merrill Lynch and BlackRock.
8. Boylston Street, Boston
2017 Average Rent: $68.87/SF
Known for attracting legal and finance firms, the premier downtown street commanded an average rent of $68.87/SF last year. Fantasy sports company DraftKings plans to take 105K SF at 500 Boylston St., a post-modern 1.3M SF tower built in the late 1980s, by mid-2019. Blackstone sold the tower at 500 Boylston St. to Oxford Properties Group for $755.3M in 2015. The street is also home to Boston Properties’ trophy asset The Prudential Tower. Boylston Street is one of two Boston roads to make JLL’s list.
7. Ocean Avenue, Los Angeles
2017 Average Rent: $78.20/SF
The famed Ocean Avenue is on the north end of Santa Monica and is known for its massive luxury high-rise condos and wealthy residents. The street runs north to south along the Pacific Coast, offering views of the sea, palm trees galore and easy access to the beach. According to JLL, securing space on this street is no easy feat, especially with the market's tight vacancy rate of 7.1%.
6. Pennsylvania Avenue, Washington, D.C.
2017 Average Rent: $80/SF
Pennsylvania Avenue is home to one of the most important buildings in the country — the White House. In addition, there is a massive string of prominent real estate along the strip, including the U.S. Capitol, Trump International Hotel (formerly the Old Post Office Building) and Market Square. Massive office towers along the street house prestigious law firms and lobbying organizations, such as Grosvenor Americas’ 12-story 1701 Pennsylvania Ave. a block west of the White House.
5. Greenwich Avenue, Greenwich, Connecticut
2017 Average Rent: $86.53/SF
Coming in at No. 5, Greenwich Avenue is within Fairfield County, Connecticut. The street includes a number of historically preserved buildings, including sites originally developed in the early 1900s, such as Greenwich Main Post Office at 125 Greenwich Ave. and the Greenwich Old Town Hall, now the Greenwich Senior Center. JLL said the area is home to the offices of several major financial services and hedge fund companies.
4. Main Street, Boston
2017 Average Rent: $90/SF
Within life sciences and tech hub Kendall Square in Cambridge, Main Street is home to American real estate services firm Cambridge Innovation Center, founded by the Massachusetts Institute of Technology in 1999. Amazon, which has a massive presence in Boston and is searching for one to two buildings totaling about 1M SF in the Seaport area, also leases space at 101 Main St.
3. Mission Street, San Francisco
2017 Average Rent: $93.68/SF
Mission Street in San Francisco is home to several prominent high-rises, including the JPMorgan Chase Building at 560-584 Mission St., The St. Regis Museum Tower and the infamous tilting Millennium Tower — which has been facing significant litigation and ongoing issues ever since it was discovered to be leaning 14 inches and sinking by 17 inches.
2. Fifth Avenue, New York City
2017 Average Rent: $116.04/SF
It is of little surprise that New York City’s Fifth Avenue nearly topped the list. One of Manhattan’s most glamorous strips, Fifth Avenue stretches from West 143rd Street to Washington Square North. The area is known for its assortment of high-end luxury retailers such as Saks Fifth Avenue and Tiffany & Co., and is popular among hedge funds and investment bankers. Iconic buildings along the street include the 2M SF General Motors Building at 767 Fifth Ave., which underwent a $2.3B refi last year. The Empire State Building, one of the five tallest buildings in the country, is also on Fifth Avenue.
1. Sand Hill Road, Silicon Valley
2017 Average Rent: $119.38/SF
According to JLL, Sand Hill Road is one of the San Francisco Bay Area’s most prominent business addresses. Home to major venture capital firms, businesses along this strip paid a whopping $119.38/SF last year — the highest office rents in the country.