America's most expensive streets

America’s most expensive streetsA look at the top 10 in 2015

AMERICA’S MOST EXPENSIVE $TREET$

Sand Hill RoadSan Francisco Peninsula

Average full service rent:

$141.60 p.s.f.165% market premium

#1

Historically the most expensive area in Silicon Valley, and topping our list for the third time in a row, Sand Hill Road houses the top VC firms in the greater Bay Area, including Blackstone, Greylock and Shasta Ventures. Thanks to this concentration, Sand Hill has been called the Wall Street of the West.


Hamilton AvenuePalo Alto



#2

This street’s appearance and position on this year’s list is a testament to the continued demand from tech and venture capital, which has pushed vacancy to near-non-existent levels. Scarce development and high level of preleasing, combined with strong preferences for transit-proximate, walkable communities, will keep rents rising.


Fifth AvenueNew York City



#3

Although New York has diversified, Fifth Avenue remains the city’s premier address and is still home to many financial, law and private equity firms. However, micro-markets like Bryant Park, Columbus Circle and specific properties in Midtown South are reaching similar rental, and are luring tenants with brand-new, top-quality space.


Greenwich AveFairfield County, CT



#4

Greenwich is still a traditional hub for hedge funds, although demographic preferences for more urban locations, distance from New York and a general slowdown in the Fairfield County office market have kept rents relatively stable since JLL’s last ranking in 2013.


Mission StreetSan Francisco



#5

Tech is clustering in new, large projects like 350 Mission, 222 2nd and 535 Mission, as well as the Transbay redevelopment and nearby creative space, shifting this market’s center of gravity and earning Mission Street its first spot on JLL’s Top 10 list.


Pennsylvania AveWashington, DC



#6

Referred to as “America’s Main Street,” Pennsylvania Avenue still commands rents nearly double the market average. Although vacancy has risen due to move-outs and developments in emerging areas, the pending FBI HQ redevelopment and Old Post Office renovation will bring attractive new retail, hotel, office and amenities.


Boylston StreetBoston



#7

Boylston Street’s location at the heart of Back Bay, numerous high-profile properties and leasing from a broad range of tenants enabled landlords on the street to raise rents 1.3x faster than other cities’ most expensive streets since 2013. 888 Boylston’s delivery and amenities will compete with Cambridge and the Seaport District.


Avenue of the StarsLos Angeles



#8

Century City is a pre-eminent hub for legal, financial and entertainment firms. Although creative sector growth has largely taken place in Santa Monica, Hollywood, Playa Vista and other Westside and Central clusters, rents on this street have risen by 5.0 percent due to its status as a premium location for many of the highest-profile tenants in the market.


Royal Palm WayWest Palm Beach, FL



#9

Royal Palm Way is dubbed “Banker’s Row” due to the concentration of wealth management and financial services firms catering to the wealthy residents of Palm Beach Island in Florida.


Newport Center DriveOrange County, CA



#10

Orange County’s premier location is mirroring county-wide improvements in performance, with vacancy near the market average of 11 percent and rent growth beginning to show sustained improvement. Limited new development will push rents higher over the rest of the cycle as tenants seek well-located, quality space.

America's most expensive streets

Real Estate

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