And you thought NYC offices were expensive: You’ll pay more in Hong Kong and Sao Paulo

New York /
Jul.July 17, 2012 11:30 AM

New York real estate a bargain? Yes, says Forbes, which reports on the most expensive places in the world to rent an office.

Citing CBRE tallies, Midtown New York is the world’s 18th most expensive place to get office space. Hong Kong (Central) comes is number one, London’s West End is number two and Tokyo is number three. The Brazilian cities of Sao Paulo and Rio de Janeiro also commanded pricier commercial rents than Midtown Manhattan. Forbes did not publish the cities’average rent prices.

The magazine wrote that office markets have transitioned from contraction to growth, but that most of the growth has happened outside of Europe and America.

The Asia Pacific region posted a 7.8 percent increase in office occupancy costs in the first quarter of 2012 year-over-year. Thje Americas had a 5 percent year-over-year increase, largely thanks to Brazil’s growth. Europe, the Middle East and Africa posted 0.4 percent gains.

As The Real Deal reported, Midtown Manhattan offices as of June 2012 have average asking rents of $62.70 per square foot, up slightly from the May 2012 average of $62.29. [Forbes]


Related Articles

arrow_forward_ios
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
NYC’s office sublease surge slows as tenants move to reoccupy space
Crescent Real Estate chairman John Goff and Crescent Court (Crescent)
Here’s what tenants pay at the Crescent mixed-use tower in Dallas
Here’s what tenants pay at the Crescent mixed-use tower in Dallas
Demir Sabanci and 41-47 West 57th Street (Sedesco, Google Maps)
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Sedesco seeks rezoning for new Billionaires’ Row skyscraper
Brookfield Property Partners CEO Brian Kingston and 300 Vesey Street, at far left (Brookfield)
Brookfield scores $224M refi on Battery Park office tower
Brookfield scores $224M refi on Battery Park office tower
Chetrit Group principal Michael Chetrit and 850 Third Avenue (850thirdavenue)
CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
CMBS loan for Chetrit’s 850 Third Avenue enters special servicing
525 Market Street, Amazon CEO Jeff Bezos, Sephora CEO Martin Brok and Wells Fargo CEO Charles W. Scharf. (Getty, Keating Architecture)
Here’s what tenants pay at 525 Market Street in San Fran
Here’s what tenants pay at 525 Market Street in San Fran
From left: Bain Capital Credit's David DesPrez, SKW's Ayush Kapahi and Danny Wrublin with 111 Wall Street (Google Maps, Getty, Chance Yeh)
SKW Funding, Bain Capital in $1.3B JV for troubled debt
SKW Funding, Bain Capital in $1.3B JV for troubled debt
Hines chairman and CEO Jeff Hines with 609 Main in Houston, Texas (Hines)
Here’s what tenants are paying at Hines & CalPERS’ 609 Main
Here’s what tenants are paying at Hines & CalPERS’ 609 Main
arrow_forward_ios

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

Loading...