Fifth Avenue, Pennsylvania Avenue ... Main Street? According to a new study, this downtown thoroughfare, one of Houston's primary arteries, is raking in some seriously high commercial rents.
According to professional services firm JLL, Main Street is the 21st most expensive stretch of real estate in the U.S., joining such famous streets as San Francisco's Sand Hill Road (No. 1); New York City's Fifth Avenue (No. 2); and Pennsylvania Avenue in Washington, D.C. (No. 6).
In order to determine the 50 most expensive streets in the U.S., JLL looked at a variety of factors, including average full-service rent, average market asking price per square foot, and the ratio of the street's average price to market average.
Main Street commands on average $44.24 per square foot for full-service rent (which means the rent is all-inclusive) and an average asking rate of $30.55 per square foot. Comparing the average price on Main to the market average for the whole city, renters can expect to pay about 44.8 percent more for the hot downtown locale.
There are two other hot — and expensive — streets in Texas: Congress Avenue in Austin (No. 10) and McKinney Avenue in Dallas (No. 14).