Greenwich Avenue Among Nation's 'Most Expensive' Streets: Report

GREENWICH, CT — It is probably of little surprise that Greenwich Avenue is an expensive real estate corridor. But a new report from the commercial real estate experts at JLL is letting us know just how expensive it is.

Greenwich Avenue is the nation's fifth most expensive street, based on average square footage rent costs, according to JLL, a professional services and investment management firm that offers clients specialized real estate services.

"Housing a variety of hedge funds and financial services companies, Greenwich Avenue is also lined with upscale retailers and restaurants," writes JLL. "Rents average $86.53 per square foot, with top rents coming in at $101, a whopping 177.4 percent premium compared to the rest of Fairfield County."

The nation's most expensive street is San Francisco's Sand Hill Road, with average rents at $119.38 per square foot. Next is New York City's Fifth Avenue ($116.04/sf); Mission Street, again in San Francisco ($93.68/sf); and Main Street in Cambridge, Mass. ($90/sf).

While hosting one of the nation's most expensive streets, Greenwich was recently left out of the top 10 in another financial report, the nation's wealthiest communities compiled by Consumers Advocate. Darien and Westport were the only two Connecticut towns to make that list.

Overall, the nation's most expensive streets are largely home to professional services businesses, and in some cases top-shelf retail. But a new player has also emerged in recent years to help keep those rents high.

"While traditional drivers like the financial, law and consulting industries continue to make their presence felt on these streets – think Fifth and Greenwich Avenues – tech is having an outsized effect," the report states. "In fact, five of the top 10 streets in the ranking are tech hubs."

Below are the nation's top 10 most expensive streets, according to JLL:

1. Sand Hill Road, San Francisco, $119.38 average rent per square foot.
2. Fifth Avenue, New York, with an average office rent of $116.04 per square foot as of last year.
3. Mission Street, San Francisco, $93.68 per square foot.
4. Main Street, Cambridge, Mass., $90/sf.
5. Greenwich Avenue, Fairfield County, Conn., $86.53/sf.
6. Pennsylvania Avenue, Washington, D.C., $80/sf.
7. Ocean Avenue, Los Angeles, $78.20/sf.
8. Boylston Street, Boston, $71.50/sf (highest rent)
9. Royal Palm Way, West Palm Beach, Fla., $61.80/sf.
10. Congress Avenue, Austin, Texas, $58.20/sf.

To read the full report, 2017 Most Expensive Streets, click here to be taken to the JLL website.

Image of Greenwich Avenue via Google Maps

Tony Cantu, Patch Staff contributed to this report.