Manhattan’s Fifth Avenue is notoriously expensive, but Boston’s Boylston Street doesn’t rank far behind.
Boylston Street is the seventh most expensive street in America, according to a report by JLL, a commercial real estate company.
Boylston Street “may not seem like an obvious pick for a most expensive street,’’ writes JLL, because its retail and restaurant buildings outnumber its office buildings. But with its high-profile buildings, law firms and private equity firms, hedge funds, and the much-anticipated development of 888 Boylston, which JLL says is already snagging record-high leases, it’s a street on the financial rise. Boylston Street also oozes the coveted “live, work, play’’ dynamic, says JLL.
“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,’’ said Ben Heller, managing director with JLL’s Agency Leasing. “The ‘live, work, play’ dynamic is the real deal and it’s being built up in other corridors in Boston such as the Seaport District. Going forward, surrounding amenities will play a huge role in where a tenant signs their lease.’’
Boylston’s average rent per square foot for commercial space in 2015 is $67.44, according to JLL (Fifth Avenue sits at number three with an average rent per square foot of $119.27).
Where is the most expensive street in America? Sand Hill Road on the San Francisco Peninsula, dubbed “the Wall Street of the West.’’
When Boston built the Prudential building: