We recently released our annual “Most Expensive Streets” study, which takes a look at the priciest office space in America. The average rent on these streets is $48.65 per square foot. This represents a 46.9 percent premium compared to the rest of the country. Right here in the Twin Cities, our own Nicollet Mall ranks 28th on the list. The average full service asking rent on Nicollet Mall varies from $35.89 to $41.01 p.s.f.
So what makes Nicollet Mall so expensive? It comes down to the high number of amenities and the optimal location. Nicollet mall offers the following:
- Large number of restaurants and hotels in a small area.
- Mass transit routes readily available, from bus stops to light rail stations.
- Many retail options on the ground level and in the skyways
- Plentiful office space on higher floors of buildings, which command higher rates for the premium views.
- Ample community events that continue to draw people to the area.
- Newly renovated streetscape which offers ease of access.
Who’s first on the list of Most Expensive Streets? San Francisco’s Sand Hill Road tops our list and is home to some of the most prominent venture capital firms. Rent on Sand Hill Road averages $119.38 p.s.f. and the highest rent reported for this street has been $185 p.s.f. For the full list of the Most Expensive Streets in the U.S., download the report.
If office space on Nicollet Mall is out of reach, you aren’t alone. But, our team is here to help. Contact us today to find the space that’s ideal for your growth, your employees and your budget. www.jll.com/minneapolis