A recent study by Jones Lang LaSalle, a publicly held company headquartered in Chicago providing integrated real estate services to companies worldwide, reveals that Pennsylvania Ave has the fifth highest rent per square foot in the nation for office space. The reason quoted in the press release follows:
5. Pennsylvania Avenue, Washington, DC $80.00 per square foot
Known as “America’s Main Street,” Pennsylvania Avenue is home to dozens of law firms and government affairs lobbying outfits that crave proximity to Washington’s two main points of power, the White House to the west and the Capitol to the east.
Surprisingly, New York City did not take the top spot. The top spot went to Sand Hill Road in Menlo Park, California which is the home to many venture capital companies like Kleiner Perkins Caufield & Byers and Sequoia Capital. New York City’s Fifth Avenue came in second. The closest location to Washington, DC, in the study is Baltimore’s Pratt Street which runs by Camden Yards and the Inner Harbor, also in a downtown environment.
Hat tip: Anonymous PQ Living reader