These two Tampa streets are among the most expensive for office space in the U.S.
By Ashley Gurbal Kritzer
Tampa Bay Business Journal
Published: Nov 19, 2015

Streets in downtown Tampa and Westshore are among the most expensive for office space in the U.S., according to JLL.

North Tampa Street, home to the city's tallest building, 100 North Tampa, is No. 26 on the list of the top 38 most expensive central business district streets, according to JLL data released this week. At full-service rents of $27.01 per square foot, North Tampa Street office buildings are able to command a nearly 23 percent premium over the rest of the market.

Westshore's Boy Scout Boulevard is No. 18 on a list of the top 30 most expensive suburban streets, according to JLL (NYSE: JLL). The average full-service rent on Boy Scout Boulevard - which is home to Corporate Centers II, III and IV - is $29.99 per square foot, a 36 percent premium over the rest of the market.

"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," Ben Heller, managing director with JLL's agency leasing. "Going forward, surrounding amenities will play a huge role in where a tenant signs their lease."

The most expensive streets in Tampa are still far removed from the most expensive in the U.S. The most expensive suburban street in the U.S. is in San Francisco's Menlo Park area, where the average full-service price per square foot is more than $141. Office space on Manhattan's Fifth Avenue rents for more than $119 per square foot.

While office rent in Tampa is still a discount relative to much of the U.S., it is rising. Several of the city's prime buildings have been sold in the last two years, meaning rent hikes have occurred or are on the way - new owners have to raise rents to make the returns on which they based their offers.

Ashley Gurbal Kritzer is a reporter for the Tampa Bay Business Journal.