Austin's residential real estate market isn't alone when it comes to skyrocketing prices. In fact, a new report from JLL reveals the most expensive commercial streets in the U.S., and one is in the heart of downtown.
Congress Avenue is the 11th most expensive street in America — and the most expensive in Texas — according to the report. The investment firm found that the average rent on this downtown thoroughfare is $48.11 per square foot, $16 higher than the Austin market average.
"Limited construction and growing tenant demand" is increasing rent in midsized markets like Austin, which has seen a 14.4 percent increase in prices in just two years. And, notes JLL, amenities like restaurants are adding to both the value and the price.
"Tenants will pay a little bit more in rent to have restaurants, retail, entertainment, and residential right by the office — their employees are demanding this," says Ben Heller, managing director with JLL, in a press release. "Going forward, surrounding amenities will play a huge role in where a tenant signs their lease." That information bodes well for property owners on Congress Avenue, which boasts some of Austin's top attractions.
On the heels of Congress Avenue are two other pricey Texas streets. McKinney Avenue in Dallas ranks No. 14 overall; the average rent there is $43.81 per square foot. Louisiana Street in Houston comes in at No. 15, with an average price per square foot of $43.67.