Royal Palm Way is often referred to as “Bankers Row” because of the number of financial institutions that do business there. But plenty of that money is pocketed by wealthy landlords.
The street ranks Number 7 on a list of the most expensive streets on which to rent office space, according to a recent study of 40 North American markets prepared by Jones Lang LaSalle, a global real-estate firm headquartered in Chicago.
The average “full-service” rent on the street is $57.99 a square foot, with the street’s top rent listed as $71. The study notes a 110.9 percent difference between the average rent paid on Royal Palm Way and the $27.99 per square foot “market average” rent for the surrounding metro area.
The other Florida locales on the list were Number 18-ranked East Las Olas Boulevard in Fort Lauderdale, where the average full-service rent is $38.96 per square foot; Number 22-ranked Brickell Avenue in Miami ($35.37); Number 29-ranked Boy Scout Avenue in Tampa Bay ($29.22) and Number 37-ranked Orange Avenue in Orlando ($23.18).
The most expensive street in the report was on Sand Hill Road in Menlo Park, California, where the average full-service office rent clocks in at $113.64 per square foot. New York City’s Fifth Avenue in Midtown Manhattan took the Number 2 spot with $97.14, followed, in descending order, by Greenwich Avenue in Greenwich, Connecticut, ($89.86); University Avenue in Silicon Valley, California ($83.16); Pennsylvania Avenue in Washington, D.C. ($80.25); and Avenue of the Stars in Los Angeles, California ($59).
Source: Palm Beach Daily News
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