Office rents in New York are damn high too.
Tenants in the city pay $153 on average for a square foot of prime office space. That makes New York the second most expensive office market after Hong Kong, where average rent is a whopping $255.50 per square foot, according to data from Knight Frank.
Tokyo and London came in at numbers three and four, with average rents of $125 and $122 respectively. San Francisco, Boston, Los Angeles and Chicago were the other U.S. cities that made the top 12.
Rents in New York and Hong Kong grew by 2 percent in the six months ending in June, Forbes reported. London rents grew much faster over the period, at 11 percent, thanks to strong demand and the addition of several newly-completed towers.
The Real Deal compared and contrasted real estate markets in the world’s “gateway cities” in its October issue. [Forbes] – Ariel Stulberg