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Boston’s Boylston Street Ranks Eighth
The Top Five Most Expensive Streets for Office Space:
1. Sand Hill Road, Menlo Park, Calif., $114.00 per square footThe epicenter of the technology universe, Sand Hill Road houses many of the venture capitalists that provide start-ups with funding to grow and spread the tech expansion.
2. Fifth Avenue, Midtown Manhattan, NYC, $97.00 per square footConsistently ranked among the most expensive shopping streets in the world, Fifth Avenue is also home to numerous hedge funds looking for top quality space in Midtown and willing to pay more for those coveted office locations with their unparalleled amenities.
3. Greenwich Avenue, Greenwich, Conn., $90.00 per square footGreenwich Avenue is the main thoroughfare of Downtown Greenwich with a rich history of commercial and civic development that has been preserved through older buildings. Financial firms and hedge funds also dominate this swath of Fairfield County, CT, one of the wealthiest counties in the country.
4. University Avenue, Silicon Valley, Calif., $83.00 per square footWith immediate access to Stanford University and abundant retail amenities, University Avenue has been a popular location for start-up companies and professional services firms, the most notable being Facebook, Inc.
5. Pennsylvania Avenue, Washington, DC $80.00 per square footKnown as “America’s Main Street,” Pennsylvania Avenue is home to dozens of law firms and government affairs lobbying outfits that crave proximity to Washington’s two main points of power, the White House to the west and the Capitol to the east.
“It’s not surprising to see such high rents on these streets,” said Sikaitis. “In recent months we have started to see demand pick up and spread into other parts of the office market. In most of the top five markets, we have seen rent growth surpass 20 percent per year due to heightened levels of demand and limited supply options.”
Across the 40 markets analyzed in the study, rents on the most expensive streets exceed the market average by 49.8 percent.
North America’s Most Expensive Streets for Office Space**:
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