1. Sand Hill Road in Menlo Park, Calif.
And the most expensive office street in the U.S. right now is Sand Hill Road in Menlo Park, a premier Bay Area business address that has attracted both technology and venture capital firms. In fact, the area’s high concentration of prominent venture capital firms has made it a symbol for private equity capital comparable to Wall Street in New York City and K Street in Washington, D.C. Office tenants on Sand Hill Road pay $119.38 per sq. ft. on average for office space, but rents can go as high as $185 per sq. ft.
2. Fifth Avenue, Midtown Manhattan, NYC, $102.00 per sq. ft.
Fifth Avenue in New York City claimed the number two spot, with average rents of $102.02 per sq. ft. The best office spaces on the street are currently more expensive than anywhere else in the country, however, priced at $141.00 per sq. ft. And the market keeps getting stronger, with a 5 percent increase in rents since 2011.
3. University Avenue, Silicon Valley, Calif., $95.00 per sq. ft.
Next up is University Avenue in Silicon Valley, Calif., where office rents average $94.92 per sq. ft. Prime office spaces on University Avenue go for $93.00 per sq. ft. The street also registered a healthy uptick in office rents over the past two years, at 14.1 percent.
4. Greenwich Avenue, Greenwich, Conn., $93.00 p.s.f.
Greenwich Avenue in Greenwich, Conn. remains in demand, with office rents on the street averaging $92.96 per sq. ft. For class-A plus space in this New York tri-state area market, tenants are willing to pay as much as $100.00 per sq. ft. Over the past two years, office rents on Greenwich Avenue have gone up 3.4 percent.
5. Pennsylvania Avenue, Washington, DC $76.00 per sq. ft.
Pennsylvania Avenue in Washington, D.C. did experience a 5.5 percent drop in average rents since 2011, but it still made the Top 5, with average office rents of $75.83 per sq. ft. Prime space on the street currently goes for $83.00 per sq. ft.
6. California Street, San Francisco: $62.10 per sq. ft.
Another outperformer has been California Street in San Francisco. Not only did it take the number six spot, with average rents of $62.10 per sq. ft., it registered a 43.9 percent increase in rents over the past two years. Prime office space on California Street is renting at $95 per sq. ft.
7. Boylston Street, Boston: $60.20 per sq. ft.
On Boylston Street in Boston, office rents currently average $60.20 per sq. ft. Rents for class-A plus space average $70.22 per sq. ft. Boylston Street experienced a 14.3 percent uptick in average office rents from 2011 to 2013.
8. Avenue of the Stars, Los Angeles: $60.12 per sq. ft.
Office space on Avenue of the Stars in Los Angeles boasts average rents of $60.12 per sq. ft. for “regular” buildings and $66.00 per sq. ft. for top notch real estate. Rents on the street went up 1.9 percent since 2011.
9. Royal Palm Way, West Palm Beach: $58.52 per sq. ft.
Royal Palm Way in West Palm Beach, Fla. has benefited from a heavy presence of wealth management and financial services firms, with average rents increasing 0.9 percent over the past two years. Rents on Royal Palm Way currently average $58.52 per sq. ft. for all office spaces, and $70.75 per sq. ft. for the most luxurious buildings.
10. Newport Center Drive, Orange County $50.06 per sq. ft.
Rounding up the Top 10 is Newport Center Drive in Orange County, Calif. The street boasts average rents of $50.0.06 per sq. ft., with top space leasing for $54.00 per sq. ft. on average. Office rents here have gone up 4.3 percent over the past two years.
