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New York

Manhattan falls in ranking of most expensive office space

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Manhattan dropped in CB Richard Ellis Groups’s worldwide rankings of the most expensive office spaces from the No. 12 spot to No. 13. Dubai moved up in the list, bumping Manhattan down. Manhattan is still by far North America’s most expensive office space market at $103.43 per square foot. The next closest were Calgary at No. 42 with $66.27 per square foot and Toronto at No. 47 at $62.44. London’s west end held its place at the top with $299.54 per square feet, and Moscow climbed to the second slot. Ho Chi Minh City in Vietnam jumped from No. 45 to No. 23. Miami recorded the biggest percentage gain in price at 29 percent. TRD