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News release

Des Moines, IA

Jordan Creek Parkway among the most expensive streets in America

JLL’s Most Expensive Streets report reveals where office tenants pay top dollar

​Des Moines, Iowa, Jan. 23, 2018 –Just how much will companies pay to occupy one of America's most desired office addresses? According to JLL's 2017 Most Expensive Streets study, which looks at priciest U.S. office space, those high-profile strips command an average asking rent of $48.65 per square foot, a 46.9-percent premium compared to the rest of the country. In Des Moines, Jordan Creek Parkway averages nearly $25.00 per square foot a 37.5-percent premium over the average Des Moines office rate (non-medical).

Location, location, location?

Des Moines is known primarily for financial services and Jordan Creek Parkway is no different.  Multiple financial service companies office in this corridor. However, other tech, medical, staffing and real estate companies also find this location's access to Interstates 80/35/235 convenient for their customers and employees.

"This area of the market has seen two office building completions in the last three years with another 160,000 square feet of office space under construction," said Eric Land, JLL Senior Research Analyst. "Newer, modern spaces have been demanded in the market and convenient access makes them even better."

Added JLL Senior Vice President Justin Lossner, "We've been involved with multiple office transactions within this corridor and all the tenants feel the quick access at Jordan Creek Parkway and Interstate 80 is definitely a plus."

Developing an expensive taste

The newer office developments along Jordan Creek Parkway have driven the higher rents.  This is due to a combination of rising construction costs, premium office finishes and market demand.  The Westfield Complex is currently under construction and will feature a rooftop patio, underground parking, food truck parking area and a common collaboration space that can also be used for tenant-hosted events. 

 "In the battle for talent, companies are always looking for something new to give them an edge," said Justin Lossner. "Developers recognize that these high-end amenities – roof decks, open and collaborative space, etc. – will draw the big name tenants that help developments stand out. Functional work space will always be needed, but some wow-factor is becoming more common."

Most Expensive Streets in the U.S.

  1. Sand Hill Road, San Francisco: Home to some of the most prominent venture capital firms, Sand Hill Road is one of the Bay Area's most high-profile business addresses. Rents here average $119.38 per square foot, and have hit as high as $185.
  2. Fifth Avenue, New York: Popular among hedge funds, investment banks and law firms, Fifth Avenue remains a New York landmark and one of the country's most glamorous addresses. Average rents achieved $116.04 per square foot, with top rents of $185 coming at a 157.9 percent premium compared to the rest of the market, helping propel Fifth Avenue up one place from the previous report.
  3. Mission Street, San Francisco: Mission Street is home to a unique blend of prominent tech and financial services tenants, making it one of the best-recognized addresses in San Francisco. With an average asking rent of $93.68 per square foot, Mission Street boosted its ranking by two spots since 2015.
  4. Main Street, Boston: Main Street is at the heart of Kendall Square in Cambridge and a hub for the top life sciences and tech companies globally. An address here comes with average rents of $90 per square foot, a list-topping 143.6 percent premium compared to Boston at large. Vacancy is also in the mid-single digits at a miniscule 5.3 percent.
  5. Greenwich Avenue, Fairfield County: Housing a variety of hedge funds and financial services companies, Greenwich Avenue is also lined with upscale retailers and restaurants. Rents average $86.53 per square foot, with top rents coming in at $101, a whopping 177.4 percent premium compared to the rest of Fairfield County.
  6. Pennsylvania Avenue, Washington, DC: Pennsylvania Avenue not only serves as the address of the White House, it's also home to a variety of prestigious law firms and lobbying organizations and offers some of the best views in Washington, DC. At $80 per square foot, sharing a street with the White House and the Capitol means paying a 95.1 percent premium compared to the rest of the market. The street maintained its ranking from 2015.
  7. Ocean Avenue, Los Angeles: Ocean Avenue runs north to south along the Pacific Coast, offering stunning ocean views and easy access to the beach. But gaining access to the famed strip, where rents average $78.20 per square foot, is anything but easy: vacancy is just 7.1 percent.
  8. Boylston Street, Boston: Boylston Street is the premier office market in Boston's CBD. The area attracts primarily financial and legal services firms. At $68.87 per square foot, Boylston Street was supplanted from its previous ranking at No. 7.
  9. Royal Palm Way, West Palm Beach: With a concentration of high-net worth individuals living in the surrounding areas, Royal Palm Way is home to many financial institutions and wealth management companies. Staying put in the ninth spot on the list, Royal Palm Way averages $61.80 per square foot, a 96.1 percent premium compared to the rest of West Palm Beach.
  10. Congress Avenue, Austin: Traditionally home to financial and state-government users, a wave of new office, multifamily and retail developments has transformed Congress Avenue into one of the market's most dynamic corridors. A newcomer to the list's top 10, Congress Avenue averages $55.20 per square foot and boasts a tiny 9.5 percent vacancy.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit