Our residential real estate market isn't alone when it comes to skyrocketing prices. In fact, a new report from JLL reveals the most expensive commercial streets in the U.S., and one is in the heart of Dallas.
McKinney Avenue is the 14th most expensive street in America — and the second most expensive in Texas — according to the report. The investment firm found that the average rent on this thoroughfare is $43.81 per square foot, almost $20 higher than the Dallas market average.
These days, amenities, which add value and drive up prices, are of utmost importance when finding the perfect office. McKinney Avenue, of course, has no shortage of restaurants, boutiques, and other retail offerings.
"Tenants will pay a little bit more in rent to have restaurants, retail, entertainment, and residential right by the office — their employees are demanding this," says Ben Heller, managing director with JLL, in a press release. "Going forward, surrounding amenities will play a huge role in where a tenant signs their lease."
Two other Texas streets land on this pricey list. Congress Avenue in Austin ranks No. 11; the average rent there is $48.11 per square foot. Louisiana Street in Houston comes in at No. 15, with an average price per square foot of $43.67.