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Pennsylvania Avenue is 6th most expensive address in US

(Thinkstock) WASHINGTON — For companies that want a Pennsylvania Avenue address, the price for the prestige is high. Office rents there are almost twice as much as the D.C. market average. Real estate firm JLL’s 2017 “Most Expensive Streets” study ...

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NEWS TRAFFIC WEATHER Listen Washington's Top News 201.5 Headlines Local News Virginia Maryland DC Weather News Transportation News National World Business & Finance Government Living Entertainment Sports Tech Trending Now Federal News Radio Photo Galleries Fun & Games Lottery Results Contests Listen Live Podcasts Home » Latest News » Business & Finance » Pennsylvania Avenue is 6th… Pennsylvania Avenue is 6th most expensive address in US By Jeff Clabaugh | @wtopclabaugh December 12, 2017 8:08 am 12/12/2017 08:08am Share Office rents on Pennsylvania Avenue are almost twice as much as the D.Cmarket average, according to a new studyIn addition to the White House, the street is home to a variety of prestigious law firms and lobbying organizations(Thinkstock) var _informq = _informq || []; _informq.push(['embed']); _informq.push(['hook', '*/videoLoad', function(event) { // console.log('Video has loaded for the player embedded within the ' + // 'configurable element where its "id" attribute is "' + // + '"!'); var element = document.getElementsByClassName('Entry-featured')[0]; if (typeof(element) != 'undefined' && element != null) { document.getElementsByClassName('Entry-featured')[0].style.display = 'none'; } }]); WASHINGTON — For companies that want a Pennsylvania Avenue address, the price for the prestige is highOffice rents there are almost twice as much as the D.Cmarket average. var _informq = _informq || []; _informq.push(["embed"]); Real estate firm JLL’s 2017 “Most Expensive Streets” study, which looks at the priciest U.Soffice space, ranks Pennsylvania Avenue in Northwest D.Cas the sixth-most expensive commercial real estate address in the country. var _informq = _informq || []; _informq.push(["embed"]); It is not only the address of the White House but also home to a variety of prestigious law firms and lobbying organizations, according to JLL. At an average $80 per square foot, Pennsylvania office rents command a 95.1 percent premium compared to the rest of the market. Pennsylvania Avenue ranked No6 in JLL’s last street study in 2015 as well. Related Stories DC house tops region’s most expensive home sales for November at $5.2M Real Estate News DC’s demand for multi-million-dollar condos grows Real Estate News DC home prices up 47 pctsince recession in ‘extremely tight’ seller’s market Real Estate News Sand Hill Road in San Francisco ranks as the most expensive office address in the U.S., with average rents of $119.38 per square footJLL said Sand Hill Road rents have hit as high as $185 per square foot. Sand Hill Road is home to prominent venture capital firms and is one of the Bay Area’s most high-profile business addresses. var _informq = _informq || []; _informq.push(["embed"]); Despite high rents along the nation’s most expensive streets, companies are willing to pay for it, JLL saidJust 12.8 percent of the nation’s most expensive real estate was listed as vacant, 250 basis points lower than the U.Saverage, the real estate firm said. Tech firms are driving prime rents as much as the financial, law and consulting industriesFive of the top 10 streets in the rankings are tech hubs. Wilson Boulevard in Arlington falls just outside of the top 10, ranking No12, with an average rent of $56.75 per square footWisconsin Avenue in Bethesda is No17, at an average $47.05 per square foot. The 10 most expensive addresses in JLL’s 2017 Most Expensive Streets study: 1Sand Hill Road, San Francisco 2Fifth Avenue, New York 3Mission Street, San Francisco 4Main Street, Boston 5Greenwich Avenue, Greenwich, Connecticut 6Pennsylvania Avenue, Washington, D.C. 7Ocean Avenue, Los Angeles 8Boylston Street, Boston 9Royal Palm Way, West Palm Beach Florida 10Congress Avenue, Austin, Texas You can see the entire list of the Most Expensive Streets in the U.Son JLL’s website. Like WTOP on Facebook and follow @WTOP on Twitter to engage in conversation about this article and others. © 2017 WTOPAll Rights Reserved. Topics: Business & Finance commercial real estate jeff clabaugh JLL Latest News Local News Pennyslvania Avenue Real Estate News Washington, DC News Advertiser Content Play Now Fun & Games Need a break? Play a quick game of solitaire or SudokuOr take one of our fun quizzes! 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