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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.
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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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 www.jll.com.
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