Rio de Janeiro office market takes top spot in the Americas

Miami /
Feb.February 18, 2011 11:49 AM

Midtown New York City is no longer the priciest office market in the Americas, after Rio de Janeiro’s average rents climbed 47 percent from this time a year ago, according to a Cushman & Wakefield international report released today. The report, which calculates the total average occupancy cost, shows that even as Midtown’s average rent climbed 10 percent to $115 per square foot, Rio de Janiero’s jump to $120 per square foot knocked Midtown out of the top spot in the Americas. Rio de Janeiro is the first South American location to accomplish this. Elsewhere, Hong Kong topped the list of priciest office markets worldwide, with its average rent climbing 51 percent from last year to $241 per square foot. This increase knocked last year’s first-place office market, Tokyo, down to third, with an average rent of $166 per square foot. London’s West End remained in second place, with rent per square foot at $233. No South Florida office markets cracked the top 10. TRD


Related Articles

arrow_forward_ios
Ericka Witkowski

Former Cushman & Wakefield broker launches her own firm

Former Cushman & Wakefield broker launches her own firm
From left: Denny St. Romain and Jubeen Vaghefi

Movers & Shakers: Longtime JLL brokers join CushWake & more

Movers & Shakers: Longtime JLL brokers join CushWake & more
Related Group pays $26M for rental complex in Tampa’s Bayshore area

Related Group pays $26M for rental complex in Tampa’s Bayshore area

Related Group pays $26M for rental complex in Tampa’s Bayshore area
Cushman & Wakefield sues Avenues school over unpaid commissions

Cushman & Wakefield sues Avenues school over unpaid commissions

Cushman & Wakefield sues Avenues school over unpaid commissions
Boardwalk Properties seeks sale of South Beach apartment portfolio

Boardwalk Properties seeks sale of South Beach apartment portfolio

Boardwalk Properties seeks sale of South Beach apartment portfolio
Cardone Capital pays $90M for the Delray Beach apartments

Cardone Capital pays $90M for the Delray Beach apartments

Cardone Capital pays $90M for the Delray Beach apartments
Waterfront apartment building in Fort Lauderdale could sell for $160M, broker says

Waterfront apartment building in Fort Lauderdale could sell for $160M, broker says

Waterfront apartment building in Fort Lauderdale could sell for $160M, broker says
Codina Partners takes on property management services

Codina Partners takes on property management services

Codina Partners takes on property management services
arrow_forward_ios

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

Loading...