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The 5 Most Expensive Office Spaces in America

Home prices might still be swirling around the drain, but some real estate costs show no signs of budging. For companies renting in the most expensive locations in the US, they’re paying as much as ever.

As always, the old adage holds true: “There are three things that matter in property: location, location, location.” The following are the priciest places to rent in the US.

1. Sand Hill Road, Menlo Park, Calif.
sandhillroad
Average rent: $113.64 per square foot

Most expensive rent: $198.00 per square foot

Market rent for the metro area: $54.00 per square foot

Companies: Sand Hill Road is home to venture capital and private equity firms such as Lightspeed Venture Partners, Benchmark Capital, and The Blackstone Group. It’s also the site of the Stanford Linear Accelerator Center.

2. Fifth Avenue, Midtown Manhattan, NYC
photo_fifthavenue
Average rent: $97.14 per square foot

Most expensive rent: $141.00 per square foot

Market rent for the metro area: $53.49 per square foot

Companies: Many hedge funds have their headquarters in midtown on Fifth Avenue, but the street is probably better known for its luxury boutiques and department stores. Louis Vuitton, Tiffany & Co., Harry Winston, and Bergdorf Goodman all make their homes there.

3. Greenwich Avenue, Greenwich, Conn.
greenwich
Average rent: $89.86 per square foot

Most expensive rent: $98.00 per square foot

Market rent for the metro area: $32.19 per square foot

Companies: Hedge funds and financial firms occupy much of Greenwich Avenue, which is located in Fairfield County, one of the richest counties in the US. Greenwich Avenue tenants include ESL Investments.

4. University Avenue, Silicon Valley, Calif.
SiliconValley.ashx
Average rent: $83.16 per square foot

Most expensive rent: $89.40 per square foot

Market rent for the metro area: $67.44 per square foot

Companies: University Ave’s most famous tenant is Facebook, Inc., but it’s also a popular location for startups, which are often easily identified by their whimsical names: WePay, SayNow, and Bling Nation, to name just a few.

5. Pennsylvania Avenue, Washington, DC
washington-dc-pennsylvania-avenue-s
Average rent: $80.25 per square foot

Most expensive rent: $83.00 per square foot

Market rent for the metro area: $53.48 per square foot

Companies: Pennsylvania Avenue is probably most famous for being the street that joins the White House and the Capitol building, but it’s also home to (not surprisingly) numerous law firms and lobbyists.

Images: 1. Hauteliving.com, 2. Apple.com, 3. Cainburrell.com, 4. Deweyleboeuf.com, 5. Destination360.com

Posted by James Wilkie

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