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News release

SAN DIEGO, CA

The Most Expensive Street in San Diego is Unveiled – Tenants on El Camino Real in Del Mar Heights Pay 80% More than Average

The street ranks as 6th most expensive in the US for suburban office space while Tenth Avenue in downtown ranks 14th for business districts


SAN DIEGO, October 8, 2013 – If you are looking to have the most expensive business address in San Diego then El Camino Real between Del Mar Heights Road and Highway 56 is the place to be. The section of El Camino Real is San Diego’s most expensive street to locate an office with asking rents weighing in at an average of $43.32 per square foot. Nationally, El Camino Real is ranked sixth in terms of highest average rent per square foot for suburban office space, according to a research study released by Jones Lang LaSalle.

Top full service office rent on this section of El Camino Real goes for more than 80 percent higher than office rents at the average San Diego metro market rate of $25.92 per square feet.

In downtown San Diego, Tenth Avenue between J and K Streets commands the highest rent at $37.20 per square foot, making it the fourteenth most expensive central business district address in the nation. Office tenants on this street can expect to pay nearly 45 percent more rent than the San Diego market average. The block is home to DiamondView Tower, a Class A 15-story office and retail building.

“It is not surprising that San Diego ranks so high on the lists with El Camino Real in the Del Mar Heights submarket leading the way,” said Bess Wakeman, Executive Vice President of Jones Lang LaSalle in San Diego. “The street’s proximity to executive residential housing and blue ribbon schools attracts a talented workforce that wants to live where they work while its central location within the county and access to a network of freeways makes it a strategic location for mobile sales teams. While rental rates may be high, the above-market parking ratios complement the unreserved parking charges that remain, for the time being, free.”
 
Originally attractive to law firms and financial service firms who sought to be in a higher quality building but still office a reasonable distance to clientele, other industries have taken notice of the benefits of leasing space in Del Mar Heights. In recent years, the area along El Camino Real has become the inbound destination for medical device, healthcare technology, pharmaceutical corporate headquarters, and even gaming and technology companies.
 
Downtown San Diego offers different advantages for office users. According to Joe Bernstein, Senior Vice President of Jones Lang LaSalle, Tenth Avenue and DiamondView Tower in downtown San Diego are able to demand the highest priced office space for several reasons. “The block is located in East Village, adjacent to Petco Park, home of the San Diego Padres. DiamondView Tower offers amazing views into Petco Park and out to the San Diego Bay, Coronado and Pacific Ocean.”
 
DiamondView is one of San Diego’s newest office projects and features a top notch gym, a national chain restaurant and is within walking distance of dozens of other restaurants, entertainment and retail sites.
 
One of the biggest bonuses of being on Tenth Avenue is the parking. San Diego’s downtown is parking constrained but because the block is adjacent to Petco Park, there is easy access to parking options at below market rates for daytime use. The street also has good access to two major freeways.
 
Sand Hill Road in Menlo Park, Calif. ranked number one in the 2013 study, garnering $111.00 per square foot.  Reflecting the tech industry’s growth, the San Francisco Bay area holds three spots in the top-10 rankings – more than any other office market.
 
JLL is a leader in the San Diego commercial real estate market. The firm employs approximately 165 of the area’s most recognized industry experts offering services in brokerage, capital markets, facility management and project development services. In 2012, the San Diego team completed 4.58 million square feet in lease transactions, directed $57 million in project management, and currently leases 10.5 million square feet.

2013 U.S.’s Most Expensive Streets for Suburban Office Space**:

2013 U.S. Most Expensive Streets for Central Business District Office Space**:

** The rental information is Jones Lang LaSalle's proprietary data and quarterly review of the top 40 office markets across the United States. This data is for Q2 2013.

For more news, videos and research resources on Jones Lang LaSalle, pleases visit Jones Lang LaSalle’s U.S. Media Center web page.

About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.