NYC most expensive place to operate corporate headquarters, study shows

TRD New York /
Dec.December 02, 2009 05:18 PM

New York City may be a corporate epicenter of the U.S., but it comes at a cost: the city is the most expensive place to locate a corporate headquarters office, according to a study from Boyd, a group specializing in corporate site selection. The average annual cost to operate a corporate office in New York City is $30.7 million, according to the study, with San Francisco taking the second place slot, with an annual cost of $29.3 million. Cities in the greater New York area, such as Stamford and Newark, clocked in at third and fifth places, respectively, with annual costs of $29 million and $27.9 million. The labor cost associated with each market was the leading factor influencing the overall price of corporate operations, according to the report, along with real estate-related costs. John Boyd, vice president with the firm, said that this information could lead to corporations’ exodus from high-cost regions. “The corporate headquarters arena is the next frontier of corporate cost cutting,” Boyd said, adding that many companies have already taken steps to move other facilities, such as warehouses and customer support centers. “The aim now is to restructure the headquarters office. It’s because of all these new enormous cost pressures.”

Related Articles


Developer seeks $40M for Opportunity Zone site in downtown Newark

NYC developer looks to double down on WWE’s new Connecticut home

American Dream in East Rutherford finds a sponsor, Frank Lloyd Wright-designed home lists in Glen Ridge & more North Jersey real estate news

Rubenstein reels in Stamford’s RBS building in $163M deal

Former NFL star’s Greenwich home heads to auction, Dressbarn shuts its doors and more Westchester & Fairfield real estate news

Joy Construction's Eli Weiss (top) and Maddd Equities' Jorge Madruga with 765 Broad Street in Newark (Credit: Google Maps and Getty Images)

Joy Construction, Maddd Equities land $34M loan for Newark building

Mack-Cali brings Whole Foods regional HQ to Jersey City, $85M Englewood apartment complex for sale & more North Jersey real estate news

New Jersey Cheat Sheet: Englewood mansion takes 75% price cut, Rock Spring Golf Club in West Orange sold for $11.1M… & more