News
WACKER DRIVING RENTS
September 9, 2011
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| The highest rental rates for any street in the country: $114/SF on Sand Hill Road in Menlo Park (Silicon Valley), Calif., according to JLL's latest Most Expensive Office Streets survey. Chicago's Wacker Drive comes in at a somewhat less exciting 17th, with average rents at $39.40/SF. What gives? JLL's Matt Carolan says property values are higher on the East and West coasts and therefore rents are higher, so they need to charge more rent to make up for the investment. Good news: office rents in Chicago are staying steady, so maybe new tenants will be looking for those high-demand Wacker Drive locations. |
