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.READ MORE: Former Theranos Workers Cite Device Failures, Frustrations In Elizabeth Holmes Trial Testimony
The commercial real estate firm said the cost of Sand Hill Road offices has gone up $6 per square foot from last year.READ MORE: Fire Weather Watch In Effect For Bay Area Ahead Of Windy Weekend
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.MORE NEWS: Oakland Officials: 9 OPD Officers Disciplined After Investigation into Racist, Sexist Social Media Posts
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.