Midtown tops country’s list for highest office occupancy costs

New York /
Nov.November 10, 2010 01:00 PM

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

 

Related Articles

arrow_forward_ios
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
WATCH: How climate change puts real estate at risk
Illustration of Amazon's Jeff Bezos (Photo illustration by Kevin Rebong for The Real Deal)
No room in the warehouse: Amazon fuels shortage
No room in the warehouse: Amazon fuels shortage
President Joe Biden (Getty)
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
Biden’s proposal to cut 1031 exchanges may be “tremendous blow” to real estate: experts
The Plaza Hotel, St. Regis Hotel, and Waldorf Astoria (iStock)
Outlook for hotels improves — from awful to merely bad
Outlook for hotels improves — from awful to merely bad
CBRE’s Darcy Stacom and Bill Shanahan; Cushman & Wakefield’s Doug Harmon and Adam Spies
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
Titans of the towers: TRD’s annual ranking of NYC’s top investment sales firms
(Getty)
Manhattan retail market awaits recovery as vacancies rise in Q1
Manhattan retail market awaits recovery as vacancies rise in Q1
CBRE CEO Robert Sulentic and One World Trade Center (CBRE, iStock)
Port Authority taps CBRE to manage WTC
Port Authority taps CBRE to manage WTC
From left: JLL’s Tim Rivers, Levine Kellogg’s Jeffrey Schneider, Meland Budwick’s Mark Meland, Blanca Commercial Real Estate’s Tere Blanca, Savills’ Tom Capocefalo and Collier’s Jonathan Kingsley
The money’s moving to South Florida. Will the office leases follow?
The money’s moving to South Florida. Will the office leases follow?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...