Congress Ave Ranked 11th Most Expensive Street in US

Ever thought of setting up a business Downtown on Congress Avenue? Well, you might need one heck of a loan.

Downtown Austin’s main stretch has been ranked the 11th most expensive street in the United States in JLL’s list of “America’s Most Expensive Streets.”

The list challenges an age-old saying in the real estate market: location, location, location. Instead, the real estate brokerage firm says that location, industry and competition are the three biggest factors in driving real estate prices.

It turns out, that was the case for Austin. As opposed to iconic streets like Manhattan’s Fifth Avenue, Congress isn’t quite known for it’s location — but rent still grew 14.4 percent.

So, what exactly is the price of renting on Congress? It’s $48.11 per square foot.

Along with being the 11th most expensive street, Congress Avenue ranked No. 7 for streets in a central business district. That’s because four of the streets in the top 10, all of them in California, were labeled suburban.

Congress Avenue was also found to be the most expensive street in Texas, but not by a wide margin.

McKinney Street in Dallas was ranked the 14h most expensive street and Louisiana Street in Houston was ranked 15th.

Here are the streets that beat out Congress Avenue to make the top 10:

1. Sand Hill Road, San Francisco Peninsula
2. Hamilton Avenue, Silicon Valley
3. Fifth Avenue, New York
4. Greenwich Avenue, Fairfield County
5. Mission Street, San Francisco
6. Pennsylvania Avenue, Washington, DC
7. Boylston Street, Boston
8. Avenue of the Stars, Los Angeles
9. Royal Palm Way, West Palm Beach
10. Newport Center Drive, Orange County

[Photo courtesy of Wikimedia Commons]