Tagged : Congress Avenue
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Tuesday, December 1st, 2015 at 11:48am. 4,613 Views, 0 Comments.
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.