Menlo Park, Calif., named most expensive streets for office space by JLL

Sand Hill Road in Menlo Park, Calif., topped the list of the 25 most expensive streets, with average full-service gross asking rents reaching $167.74 per square foot, according to JLL.

It is followed by 34th Street in Hudson Yards, New York, with $162.43 per square foot, and Royal Palm Way in West Palm Beach, Fla., at $134.31 per square foot.

Prime office corridors have been relatively immune to recent challenges in the commercial real estate market. JLL research shows that vacancy remains highly concentrated in inferior assets with 10 percent of buildings comprising 60 percent of national vacancy. As tenants seek more trophy spaces and premier locations than ever post-pandemic, the 25 most expensive streets have a vacancy rate nearly 5 percent lower than the national average. Those streets also saw positive absorption in 2023, while U.S. office market overall regis