RSS FeedPennsylvania Ave In Top Five Most Expensive Streets In USA
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
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Pennsylvania Avenue between the White House and Capitol is the only street in DC among the top 40; it’s at number 5 with an average full service rent of $80.25 per square foot. I find it hard to believe that other DC streets such as K Street between Connecticut Avenue and 20th Street have lower full service rents than does Nicollet Mall in Minneapolis, number 40, which the chart shows has an average full service rent of just under $20 per square foot. Is Pennsylvania Avenue really that much higher than other downtown street with newer office buildings? Beach front property!