JLL’s Most Expensive Streets report reveals where office tenants pay top dollar
Just how much will companies pay to occupy one of America’s most desired office addresses? According to JLL’s 2017 Most Expensive Streets study, which looks at priciest U.S. office space, Forsyth in Clayton is one address with the most expensive rents in the U.S. Those high-profile strips command an average asking rent of $48.65 per square foot, a 46.9-percent premium compared to the rest of the country.
In St. Louis, Forsyth Boulevard has a full service rental rate of $2
9.76. Clayton has more than 7.6 million square feet of office space overall. Traditional drivers like the financial, law and consulting industries continue to make their presence felt on these streets. With the delivery of Centene Plaza in a few years, rates are expected to push even higher as the company adds more than half a million square feet of office space in 2019. The building currently has the highest rate in St. Louis at $38.50 per square foot.
“Vacancy rates in Clayton hit an all time low last quarter when they dropped to four percent,” said JLL Executive Vice President, David Biales. “The tight market has pushed asking rents higher and it is driving new construction in the submarket. It’s no surprise Forsyth remains among the most expensive streets in America.”