Service cannot be started. System.ServiceModel.AddressAccessDeniedException

We were getting the following error trying to deploy a new WCF service because the domain account which runs the service was not a local admin on the server on which it was installed:

Service cannot be started. System.ServiceModel.AddressAccessDeniedException: HTTP could not register URL http://+:8000/ourservice/. Your process does not have access rights to this namespace (see http://go.microsoft.com/fwlink/?LinkId=70353 for details).

The easy fix would have been to add the user as a local admin, but that's not the most security way to resolve the issue.

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