Sep 12, 2011 |
When you own a business sometimes where you are is almost important as what you do. Real estate agents like to spout “location, location, location,” to explain steep prices, but there are a few places where the prestigious street address might actually be worth the exorbitant jump in price. And sure, renting in Manhattan will be more expensive than renting in Queens. But, it can be narrowed down even more than that. People are willing to pay more for space on a specific street rather than be a block over.
So what are the most prestigious business addresses? Business Insider has picked the top 17 in North America — five in Canada and the rest in the United States. The most expensive rent, by far, belongs to Sand Hill Road, the connecting road between Stanford University and Silicon Valley and home to numerous venture capital firms. The road itself doesn’t look like much since most buildings can’t be seen from the street. The average rent in the Sand Hill Road’s market is only $54 per square foot per year. But on Sand Hill Road the average rent is $113.64.
The rent on Sand Hill Road is more expensive per square foot than the runner up by $16.5, even though the markets are basically the same. In Manhattan market, the average rent is $53.49, but on Fifth Avenue in midtown the average rent is $97.14.
Pennsylvania Avenue in Washington D.C. is number five on the list with an average street rent price of $80.25. The most expensive address in Canada is Bay Street in Toronto. Although the average rent in the market is only $28.78 and it’s number nine on the list with an average street rent of $52.09, the most expensive rent on the street outstrips the three American streets that landed higher on the list (Boylston Street, Boston; Royal Palm Way, Palm Beach, Fla.; and Avenue of the Stars, Los Angeles).
Read the full list.