Austin office address among most expensive in U.S.

Oct 2, 2013
Austin Business Journal

Real estate brokerage firm Jones Lang LaSalle released a list of the most expensive streets in America for leasing an office and a well-known Austin thoroughfare is more expensive than any other street in Texas


According to the data, Congress Avenue in downtown is the 12th-most expensive address with an average full-service lease rate of $42.04 per square foot


Louisiana Street in Houston is No. 16 and McKinney Avenue in Dallas is the 17th-most expensive, both with rates exceeding $38.50 per square foot


The most expensive street to lease an office in the country is Sand Hill Road in the Menlo Park area of San Francisco with an average full service rate of $110.76 per square foot, followed by Fifth Avenue in Manhattan. Rounding out the top 10 are University Avenue in Silicon Valley; Greenwich Avenue Fairfield County, Va.; Pennsylvania Avenue in Washington, D.C.; California Street in San Francisco; Boylston Street in Boston; Avenue of the Stars in Los Angeles; Royal Palm Way in West Palm Beach, Fla.; and Newport Center Drive in Orange County, Calif



Thomas Properties Group Inc. (NYSE: TPGI) owns several buildings along Congress Avenue and recently announced its acquisition by Parkway Properties Inc. (NYSE: PKY), which could put that company in the driver's seat for increasing lease rates in the future


Check out the Oct. 4 edition of the Austin Business Journal for all the latest details and key business intelligence to help you navigate the Austin office market



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