The stretch of 30th Street between Walnut and Arch streets in University City is one of the priciest streets in the U.S.—and it’s only likely to become more expensive in the coming years.
30th Street is the 16th most expensive street in the nation, according to a new JLL report. The research, which is based solely on U.S. office space, found that Sand Hill Road in San Francisco is the priciest street overall, with an average office asking rent of $119.38 per square foot.
That’s nearly three times the asking rent of office space along Philly’s 30th Street, which comes out to $48.30 per square foot. To work along this strip, office tenants pay an 83.9 percent premium compared to the rest of the market.
Those numbers are a testament to all of the development that has occurred along the west side of the Schuylkill River banks, ever since Brandywine Realty Trust brought the Cira Centre here in 2005. It has since built another two major high-rises, including the EVO building and the recently completed FMC Tower, which is now nearly 100 percent leased and home to offices and AKA University City.
The report notes, “The delivery of FMC Tower on 30th Street in Philadelphia has cemented University City as one of the most desirable office locations in the region’s core. That street is now the most expensive in Philadelphia, a city in the midst of a tech, media, education and health expansion.”
And it’s only bound to become even more expensive, the report continues. With vacancy on 30th Street at just 7.1 percent, the 83.9 percent premium is “sure to increase as the Schuylkill Yards development matures.”
Schuylkill Yards, the $3.5 billion mixed-use development with Drexel and Brandywine Realty at the helm, has already broken ground at 30th Street. Meanwhile, 30th Street Station is in the middle of its major district plan, right next to the future Schuylkill Yards.