Midtown the 10th priciest office market in the world: CBRE
Downtown ranks 25th, according to commercial firm's survey
While maintaining its position as the most expensive office market in the Americas, Midtown Manhattan ranks as the 10th most expensive such market in the world, according to CBRE’s latest survey.
With occupancy costs of $127 per square foot, Midtown ranks just behind Moscow ($128.10 per square foot) in ninth and some distance behind London’s West End ($267.14) in first, according to the commercial brokerage’s Global Prime Office Occupancy Costs survey.
Midtown did move up from its previous ranking in the semi-annual survey; it came 11th in CBRE’s rankings for the third quarter of 2014. Downtown Manhattan also jumped three spots to become the world’s 25th most expensive office market, at $86.36 per square foot.
The City of London ($142.72) also placed ahead of New York in eighth, while the rest of the top 10 was rounded out by two Hong Kong districts, two Beijing districts, New Delhi’s Connaught Place and Tokyo’s Marunouchi Otemachi.
Office availability in the Midtown market dropped to 9.7 percent in May, according to DTZ’s latest monthly report. – Rey Mashayekhi