Fifth Avenue, Pennsylvania Avenue ... McKinney Avenue? According to a new study, the Uptown thoroughfare, located in one of the trendiest areas in Dallas, is raking in some seriously high commercial rents.
According to professional services firm JLL, McKinney Avenue is the 14th most expensive stretch of real estate in the U.S., joining such famous streets as San Francisco's Sand Hill Road (No. 1); New York City's Fifth Avenue (No. 2); and Pennsylvania Avenue in Washington, D.C. (No. 6).
In order to determine the 50 most expensive streets in the U.S., JLL looked at a variety of factors, including average full-service rent, average market asking price per square foot, and the ratio of the street's average price to market average.
McKinney Avenue commands on average $51.17 per square foot for full-service rent (which means the rent is all-inclusive) and an average asking rate of $27.20 per square foot. Comparing the average price on McKinney to the market average for the whole city, renters can expect to pay about 88.1 percent more for the hot locale.
There are two other hot — and expensive — streets in Texas: Congress Avenue in Austin (No. 10) and Main Street in Houston (No. 21).