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Rio de Janeiro office market takes top spot in the Americas

February 18, 2011 11:49AM

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