Location, industry, competition: the new real estate mantra?
See the most expensive real estate markets in the US, all the way down to street level. Bay Area’s Sand Hill Road tops the list, but others might surprise you.
For the third year in a row, Sand Hill Road, the VC firm nerve center, tops JLL’s list of America’s most expensive streets.
This street’s #1 ranking is part of the larger Bay Area story: The market contains nearly all streets with the strongest rent growth, thanks to the power of the tech industry and rapid occupancy rise.
Emblematic of the fundamental shifts in the area, San Francisco’s most expensive street changed in 2015 from California Street to Mission Street. Tech’s clustering in new, large projects south of Market Street, such as Salesforce Tower, 181 Fremont and the Transbay redevelopment, has contributed to the movement in this market’s center of gravity.
On aggregate, rents on the most expensive streets are up 9.3 percent since 2013; this is 1.7x and 2.9x higher than rent growth in CBDs and overall, respectively. Nationally, vacancy across properties on these pricey streets is down 50 basis points, lower than the national average, in part due to greater occupancy growth in the middle market and recent deliveries beginning to hit the market.
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