Study: Boylston Street is one of the priciest office addresses in North America

By Chris Reidy, Globe Staff

Boylston Street in Boston is one of the most expensive addresses for office space in North America, according to a new survey from Jones Lang LaSalle.

Real estate services firm Jones Lang LaSalle examined 40 office markets and ranked them by average asking rents for this year’s second quarter.

Tops on the list is Sand Hill Road in Menlo Park, Calif., the venture capital nerve center of Silicon Valley. The average asking rents there can reach nearly $114 per square foot, Jones Lang LaSalle said.

Fifth Avenue in midtown Manhattan was next at $97 per square foot. Boston’s Boylston Street ranked 8th, with the average asking rent at $52.65 per square foot.

According to Jones Lang LaSalle, its study proves the old adage that location is everything in real estate.

“Rents for office space in these streets were almost 90 percent higher than the average rents in the same metropolitan area,” John Sikaitis, the firm’s senior vice president of research, said in a statement.

Other pricey office streets in the Jones Lang LaSalle list included Greenwich Avenue in Greenwich, Conn., with asking rents reaching as high as $90 per square foot. Greenwich Avenue is the home address of many hedge funds and investment firms. Next is University Avenue in Palo Alto, Calif., which is near Stanford University. Average asking rent: $83 per square foot. Rounding out the top five is Pennsylvania Avenue ($80) in Washington, D.C.

The Avenue of the Stars in Los Angeles and Royal Palm Way in Palm Beach, Fla., also ranked ahead of Boylston Street.

Of all of Boston’s downtown submarkets, the Back Bay with Boylston Street as its core “continues to display the strongest fundamentals,” Jones Lang LaSalle said.