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The Most Expensive Streets for Office Space in North America


In a recent study of 40 office markets across North America, Jones Lang LaSalle reveals the most expensive streets for office space. Sand Hill Road in Menlo Park, Calif., topped the list with average rents reaching almost $114 per square foot (psf), while iconic streets such as Fifth Avenue in New York runs at $97 psf and Pennsylvania Avenue in Washington, D.C. fetches above $80 psf.

Toronto’s Bay Street comes in at number nine with average rents running at around $52 psf and the top rent on the street making $78 psf, a staggering 81 per cent higher than the average office rents in the rest of the city. Albert Street, in the capital follows behind, ranking 10th with an average office rent of $49.94 psf which is 66 per cent higher than average rents in the rest of the city. Burrard Street in Vancouver lands in 11th place with average rents hitting $48.88 psf and the top rent on the street coming in at $61.80 psf.

“Rents for office space in these streets were around 60 percent higher than the average rents in the same metropolitan area,” said Jim Becker, president, Jones Lang LaSalle Canada. “Location is everything in real estate and this study proves it. Despite economic conditions, demand for these prime and often prestigious addresses continues to be high.”

The top five most expensive streets for office space in Canada:

1) Bay Street, Toronto, $52.09 per square foot. At the epicenter of Toronto’s financial district and possessing one of the lowest historical vacancy rates in Canada, Bay Street is home to many international banks, financial companies such as hedge funds and securities companies as well as law firms.

2) Albert Street, Ottawa, $49.94 per square foot. One of the main east-west streets in downtown Ottawa, Albert Street houses many of the capital’s government office buildings.

3) Burrard Street, Vancouver, $48.88 per square foot. A main thoroughfare in the city’s financial district and home to top law firms and financial service and real estate related companies.

4) Third Avenue, Calgary, $47.51 per square foot. Law firms as well as energy and oil companies are among some of the tenants renting space on Calgary’s Third Avenue.

5) McGill College Avenue, Montreal, $41.05 per square foot. The scenic avenue located in downtown Montreal and stretching only four blocks has attracted and retained some of the largest banks, insurance companies and law firms in Canada.

“These streets are really driving Canada’s office market,” said Becker.  “Despite exceeding the national rent average of $32.20 by 28 percent, there is never a shortage of tenants willing to rent space at one of these coveted addresses.”

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:

Rank

Street

Market

Average full service rent on the street

Top full service rent on the street

Market average rent (Metro area)

Difference from  market average to street average

1

Sand Hill Road

Menlo Park, CA

$113.64

$198.00

$54.00

110.4%

2

Fifth Avenue

Midtown Manhattan, NYC

$97.14

$141.00

$53.49

81.6%

3

Greenwich Avenue

Fairfield County-Greenwich

$89.86

$98.00

$32.19

179.2%

4

University Avenue

Silicon Valley

$83.16

$89.40

$67.44

23.3%

5

Pennsylvania Avenue

Washington, DC

$80.25

$83.00

$53.48

50.1%

6

Avenue of the Stars

Los Angeles

$59.00

$66.00

$47.68

23.7%

7

Royal Palm Way

Palm Beach, FL

$57.99

$71.00

$27.49

110.9%

8

Boylston Street

Boston

$52.65

$65.00

$29.23

80.1%

9

Bay Street

Toronto (Canada)

$52.09

$78.19

$28.78

81.0%

10

Albert Street

Ottawa (Canada)

$49.94

$54.19

$30.01

66.4%

11

Burrard Street

Vancouver
(Canada)

$48.88

$61.80

$32.21

51.8%

12

Newport Center Drive

Orange County

$48.00

$51.48

$23.08

108.0%

13

Third Avenue

Calgary (Canada)

$47.51

$52.97

$32.70

45.3%

14

California Street

San Francisco

$43.16

$82.00

$40.06

7.7%

15

McGill College Avenue

Montreal (Canada)

$41.05

$53.39

$26.02

57.8%

16

El Camino Real

San Diego

$39.72

$46.80

$25.80

54.0%

17

Wacker Drive

Chicago

$39.40

$55.30

$26.81

47.0%

18

East Las Olas Boulevard

Fort Lauderdale

$38.96

$43.27

$28.16

38.4%

19

101 Street NW

Edmonton (Canada)

$38.82

$44.95

$28.99

33.9%

20

Campus Drive

Northern NJ

$38.00

$38.00

$27.99

35.8%

21

Congress Avenue

Austin

$36.06

$49.19

$25.65

40.6%

22

Brickell Avenue

Miami

$35.37

$60.00

$30.81

14.8%

23

Louisiana Street

Houston

$35.15

$46.10

$33.37

5.3%

24

McKinney Avenue

Dallas

$34.38

$40.00

$20.28

69.5%

25

Upper Walter Street

Halifax (Canada)

$33.65

$34.31

$26.30

27.9%

26

Market Street

Philadelphia

$31.74

$43.52

$26.08

21.7%

27

17th Street

Denver

$30.72

$38.85

$20.84

47.4%

28

Camelback Road

Phoenix

$29.79

$35.00

$21.50

38.6%

29

Boy Scout Boulevard

Tampa Bay

$29.22

$30.00

$21.08

38.6%

30

Forsyth Boulevard

St. Louis

$28.07

$32.50

$20.23

38.8%

31

Old Woodward

Detroit

$26.91

$36.55

$19.84

35.6%

32

Pratt Street

Baltimore

$26.73

$30.50

$22.40

19.3%

33

Sonterra Boulevard

San Antonio,TX

$25.16

$28.50

$19.69

27.8%

34

East Cary Street

Richmond, VA

$24.38

$26.50

$17.70

37.7%

35

Grant Street

Pittsburgh

$24.19

$31.00

$20.11

20.3%

36

Montgomery Road

Cincinnati

$24.15

$26.23

$16.06

50.4%

37

Orange Avenue

Orlando

$23.18

$29.00

$20.73

11.8%

38

Peachtree Street

Atlanta

$22.91

$33.50

$20.00

14.6%

39

Public Square

Cleveland

$20.39

$29.64

$17.57

16.1%

40

Nicollet Mall

Minneapolis

$19.98

$23.49

$15.82

26.3%




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