|Most expensive office addresses: 40+ U.S. streets||Most expensive office addresses: 40+ U.S. streets||https://www.recenter.tamu.edu/news/newstalk-texas/?Item=19097||2018-02-13T06:00:00Z||2018-02-14T01:00:00Z|
U.S. – Just how much will companies pay to occupy one of America’s most desired office addresses?
According to a JLL study—which looks at the priciest U.S. office space—those high-profile strips command an average asking rent of $48.65 per sf, a 46.9-percent premium compared to the rest of the country. And they remain as popular as ever.
Just 12.8 percent of the nation’s most expensive real estate is vacant—a full 250 basis points lower than the U.S. average.
See the full ranking of 40+ U.S. streets from JLL’s 2017 Most Expensive Streets study.
While traditional drivers like the financial, law and consulting industries continue to make their presence felt on these streets—think Fifth and Greenwich Avenues—tech is having an outsized effect.
In fact, five of the top ten streets in the ranking are tech hubs.
- Sand Hill Road, San Francisco Peninsula, Calif.
- Mission Street, San Francisco, Calif.
- Main Street, Cambridge, Mass.
- Boylston Street, Boston, Mass.
- Congress Avenue, Austin, Texas
“As tech companies mature, their space needs begin to mirror those of traditional white-collar industries in these expensive locations,” said Scott Homa, JLL Director of U.S. Office Research.
Here are Texas’ most expensive streets:
Click here to see JLL's 2017 Most Expensive Streets report.