Portland street among US most expensive for office rent

For Rent sign generic file
(MGN-Online)

PORTLAND, Ore. (KOIN) — A downtown Portland street is one of the 20 most expensive in the nation on which to rent office space.

Northwest Couch Street came in 18th on a list of the country’s most expensive streets for commercial office space. The rankings, released this week, were compiled by real estate firm Jones Lang LaSalle.

According to the report, the average commercial rent on Couch Street is $37 per square foot. This was a full $16.14 higher than the average in the Portland metro area, which sits at $20.86 psf.

The most expensive street in the U.S. was Sand Hill Road in the San Francisco Bay Area’s Silicon Valley, at an average cost of $110.76 psf.  Rounding out the top five were Fifth Avenue in Midtown Manhattan ($102.02), University Avenue in the Silicon Valley ($94.92), Greenwich Avenue in Greenwich, Conn. ($92.96), and Washington D.C.’s Pennsylvania Avenue ($75.83).

Union Street in Seattle was 15th at $38.92.

Overall, rent in the nation’s most expensive streets increased by an average of 10.9 percent since Jones Lang LaSalle’s 2011 report.

To see the full list, click here.

Faris Tanyos

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