Midtown tops country’s list for highest office occupancy costs

November 10, 2010 01:00PM

Midtown leads North America in office occupancy costs, at $66.59 per square foot, according to data released today by CB Richard Ellis Group, which tracked occupancy costs for prime office space in 175 cities around the globe. While office occupancy costs in Midtown are high for North America, that market ranked just 26th globally. North American markets, for the most part, have not seen occupancy costs begin to recover yet. New York, the largest office market in the U.S., saw occupancy costs decline by 7.6 percent Downtown and 4.5 percent in Midtown. “Major markets in emerging economies feature prominently at the top of the list of most expensive office costs as measured in dollars per square foot,” said Raymond Torto, CBRE’s global chief economist. “This pattern developed just a few years ago and it is more pronounced today.” London’s West End continues to be the world’s most expensive office market, according to the CBRE data. Hong Kong’s Central Business District ranked second, followed by Tokyo, Mumbai and Moscow. TRD