Just how much will companies pay to occupy one of America’s most desired office addresses? According to JLL’s 2017 Most Expensive Streets study, those high-profile strips command an average asking rent of $48.65 per square foot, or a 46.9 percent premium compared to the rest of the country.
Across the metropolitan Washington, D.C. region, similar premiums exist despite market stagnancy. In fact, the one-mile stretch of Pennsylvania Avenue that runs from the White House to the U.S. Capitol Building in Washington, D.C., commands the highest office rents in the mid-Atlantic region with an average of $80 per square foot.
Occupied primarily by top-tier law firms, lobbying groups and government affairs’ offices of Fortune 500 companies, JLL says these tenants are willing to pay a premium for this address, which offers expansive views of the Capitol Building and the monuments as well as proximity to lawmakers in Congress.