MENLO PARK (CBS SF) – In another sign of the red-hot real estate in Silicon Valley, a new report finds office space in parts of Menlo Park and Palo Alto cost more to rent than the priciest office space in New York City.
Citing data from Cushman & Wakefield, Bloomberg News reported the most expensive office space in the U.S. is along Sand Hill Road in Menlo Park. Popular with venture capitalists, high-end offices along the two-mile stretch are $129.91 per square foot on average.
The commercial real estate firm said the cost of Sand Hill Road offices has gone up $6 per square foot from last year.
Office space in Downtown Palo Alto and along Middlefield Road in Menlo Park are also going for more than $120 per square foot.
By comparison, offices on Park Avenue in Manhattan are going for $105.46 per square foot. High-end office space in San Francisco’s Financial District is also a comparative bargain, with offices going for $75.39 per square foot.
Earlier this month, a Coldwell Banker report found several Silicon Valley communities are the most expensive places to buy a home in the U.S. Saratoga led the list, with the average cost of a four-bedroom, two bath home at $2,453,718.