Your Commercial Real Estate Source in the San Francisco Bay Area
Posted by Michael Gerrity
Based on a recent study of 40 office markets across North America by global real estate firm Jones Lang LaSalle, the most expensive streets for office space was Sand Hill Road in Menlo Park, California 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, DC fetches above $80 psf.
“Rents for office space in these streets were almost 90 percent higher than the average rents in the same metropolitan area,” said John Sikaitis, Senior Vice President of Research at Jones Lang LaSalle. “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.”
Read the entire WPC article here.