Fifth Avenue Is The 2nd Most Expensive Street In US, Study Says

MIDTOWN MANHATTAN, NY — Manhattan's Fifth Avenue continues to dominate an annual study of the United States' most expensive streets. JLL Real Views, a professional services and investment management firm offering specialized real estate services to its clients, named Fifth Avenue the second most expensive street in the country.

Fifth Avenue places high on the list due to its popularity among hedge funds, investment banks, law firms and flagship retail locations, according to JLL's study. The street was second only to Sand Hill Road in San Fransisco, which is home t0 a number of technology giants

"Fifth Avenue remains a New York landmark and one of the country's most glamorous addresses," study researchers wrote

JLL Real Views calculates its annual list of the country's most expensive streets by analyzing and comparing the average value of office rents on the high-priced corridors. Fifth Avenue averaged office rents of $116.04 per square foot and its top rents came at a 157.9 percent premium compared to the rest of the market, according to the study.

Rounding out the top five most expensive streets are Mission Street in San Fransisco, Main Street in Boston and Greenwich Avenue in Fairfield County, Connecticut.

Despite Fifth Avenue's exuberant rents, expect businesses to keep populating the street's many office buildings, researchers said.

"These buildings seem to have no trouble attracting tenants, with just 12.8 percent of space vacant—250 basis points below the U.S. average. Asking prices in the top 10 are even more jaw-dropping, ringing in at an average $85.28 per square foot—with just 12.3 percent vacancy," researchers wrote.

Check out JLL's full study here.

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