New York City gains on world’s most expensive office markets

New York City’s office market has gained on the world’s two most expensive cities, London and Hong Kong, according to the NAI Global 2008 Global Market Report. London vaulted over Hong Kong to become the world’s priciest office market, with the rent for the most expensive Class A space hitting $265 per square foot. The peak rate in New York City’s Midtown reached $225 per square foot. The next most expensive U.S. office markets were San Francisco, with a peak rate of $110 per square foot; Boston, with a peak rate of $90 per square foot; and Manhattan’s Downtown, with a peak rate of $65 per square foot. TRD