- Jeff Ostrowski Palm Beach Post Staff Writer
Bankers Row, that tony strip of offices along Royal Palm Way in Palm Beach, remains one of the nation’s priciest office markets.
The submarket’s average rent of $61.80 a square foot ranks as the ninth-dearest in the country, according to the biannual Most Expensive Streets study by commercial real estate brokerage JLL.
That’s a 96 percent premium to office space in West Palm Beach, JLL reports.
Bankers Row also ranked No. 9 two years ago. Intriguingly, prices have barely budged in recent years. The average rent on Bankers Row was $58.07 in 2015 and $57.99 in 2011, meaning rents are up just 7 percent over the past six years.
Tenants include Barclays, Northern Trust, U.S. Trust, First Republic Bank and PNC, along with giants Bank of America, Citibank, JPMorgan Chase and Wells Fargo.
The tech hub of Sand Hill Road in Silicon Valley has the nation’s priciest rents, at $119 a foot, JLL says. Surprisingly, that’s down from nearly $142 a square foot two years ago.