Streets Of Gold: Palm Beach, Fort Lauderdale Among Priciest Office Rents

Three South Florida streets rank among the 20 most expensive spots nationwide for office rents, a recent study shows.

Royal Palm Way on the island of Palm Beach was ninth with an average gross per square foot asking price of $58.52, according to Jones Lang LaSalle. The price was up about 1 percent from 2011, the last time Jones Lang LaSalle conducted the study.

Meanwhile, East Las Olas Boulevard in Fort Lauderdale  came in at No. 19, with a gross price per square foot of $36.84, down about 5 percent since 2011.

Brickell Avenue in Miami was the only other Florida street on the list. It ranked 14th at $39.09 per square foot.

The Royal Palm Way, Las Olas and Brickell submarkets command top rents because they attract businesses that serve affluent residents in South Florida, said Peter Reed, broker at Commercial Florida Realty Services. “Those locations are convenient,” Reed said. “People like to know their money is close.”

Royal Palm Way is known as “banker’s row” because of the contingent of wealth management and financial services firms, Jones Lang LaSalle said.

Sand Hill Road in Menlo Park, Calif. has the nation’s highest average office rent at $111. Fifth Avenue in Midtown Manhattan had the nation’s second-highest average rent at $102.

 

Source: Sun-Sentinel