Wakeman: San Diego's El Camino Real, in the Del Mar Heights submarket, can lay claim to providing all five elements noted. El Camino Real's average rent of $3.82 per square foot, per month, fully serviced, is a 55.3% premium compared against the average San Diego market office rent of $2.44 per square foot per month, fully serviced. El Camino Real's average rent is also a 10% premium compared to the average for the Del Mar Heights submarket rent of $3.47 per square foot per month, fully serviced.

Clark: To create the highest demand and subsequently the highest rents, one needs the culmination of the following five factors: 1) brand identity, 2) increased prestige/cachet associated with the street, 3) adjacency to C-suite residential, 4) competitive corporate dynamics and 5) the ability to attract/retain workforce talent through a location that provides a dynamic workplace environment. Looking at the Orange County offices that command the highest rents, they are tied to the locations that offer a workplace environment that meet the needs of its tenants through the availability of housing, retail, wellness, and entertainment amenities for residents. There is a direct correlation between the offices' proximity to entertainment centers like Irvine Spectrum and South Coast Plaza and substantial rent premiums. Meanwhile, campus projects like Irvine's Park Place have heavily invested in the retail/wellness components and multifamily housing to spur strong tenant-demand for its office space and subsequent rate premiums. What puts Newport Center in a class of its own is that it has an abundance of these elements combined with world-class locale that drives prestige, increases brand recognition and offers the unparalleled talent recruitment and retention—all of which results in increased revenues for a tenant's business.

GlobeSt.com: Which elements "cheapen" a street and make it less desirable and therefore less expensive to rent/buy there?

Wakeman: Inconsistent zoning and a lack of concentrated quality office product are elements that would detract from a street's popularity and in turn create lower rental rates. Tenants want to be "in the flow" and locate near other office tenants. If a building is in a stand-alone location or if the office product is spread out with other uses between buildings, it will be harder to command premium rental rates. In San Diego, Kearny Mesa is a submarket that is typically known for being more affordable. Most of the major freeways intersect this market, which makes it attractive to many business types, not just office tenants. For this reason, in addition to office space, there is an eclectic mix of uses in the market from auto repair to auto dealerships, box retail to manufacturing, even to expansive, single-tenant corporate-headquarters campuses. This diverse product mix is not one that promotes all the drivers necessary to command peak rental rates.

Clark: It's almost impossible to hit on every critical category (e.g., location, architecture, tenancy, amenities, etc.), but the streets/offices that fail to hit on any of these elements do themselves a disservice. A street without vision is guaranteed to miss the mark.

GlobeSt.com: What else should our readers know about expensive streets?

Wakeman: Demographics and drivers change. What is important to businesses today may not be the same tomorrow. For instance, sustainable practices wouldn't have been on the radar in the recent past, but today it is a strong influencing element. Silicon Valley became what it is today because the founder of the first semiconductor company started his business there to be near his aging mother. That innocent decision has spawned what is now home to hundreds of start-up and global technology companies, with Google, Apple and Facebook among the most prominent. A company that can't afford the most-expensive street today may be the catalyst for creating the next expensive street tomorrow.

Clark: Most of the companies that choose to foot the high bill that comes with leasing office space on an expensive street are conscientiously investing in the idea that to promote brand recognition, increase employee productivity, meet client demands and maintain a competitive edge, they need an office space and workplace experience that reflects these values. Newport Center's regional and headquarters offices are primarily high-powered professional-services firms catering to high-net worth clients and/or servicing high-value corporations. As such, close proximity to where these people live, work, and play are critical components to a firm's success. In today's competitive workforce environment, the high cost of the right office/workplace is a crucial investment to ensure business success.