The office air on East Cary Street in downtown Richmond got a little more rarified Wednesday with its inclusion on a list of one of the most expensive streets for office space in North America. In a study of 40 office markets across North America, Jones Lang LaSalle revealed the most expensive streets and East Cary came in at No. 34.
Chicago-based JLL said the average rent on East Cary, home to such companies as the McGuireWoods LLP law firm and Dominion Virginia Power, is $24.38 per square foot. Top rents go for as much as $26.50 per square foot — 51 percent higher than the Richmond area’s market average of 17.70. Richmond’s East Cary Street came in just ahead of Pittsburgh’s Grant Street, which ranked No. 35. It also beat out Peachtree Street in Atlanta, No. 38.
Topping the list at No. 1 was Sand Hill Road in Menlo Park, Calif., where average rents reach nearly $114 per square foot. Pennsylvania Avenue in Washington, D.C. — home to dozens of law firms and government affairs lobbying firms — ranked No. 5, fetching average rents of more than $80 per square foot. Rounding out the top five markets: Fifth Avenue, Midtown Manhattan in New York City, No. 2 at $97 per square foot; Greenwich Avenue in Greenwich, Conn., No. 3 at $90 per square foot; and University Ave. in Silicon Valley, Calif., No. 4 at $83 per square foot.
“Location is everything in real estate, and this study proves it,” John Sikaitis, senior vice president of research at Jones Lang LaSalle, said in a statement. “Despite economic conditions, demand for these prime and often prestigious addresses continues to be high.”
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