Manhattan has the U.S.’s highest office leasing rates, but (while they are steep at $153.50 per sq. ft. annually) they are nowhere near the world’s highest rates in Hong Kong at $269.26 per sq. ft., according to data compiled by commercialcafe.com based on data from CBRE and Cushman & Wakefield, Bejing comes in second at $174 per sq. ft.
Of the world’s 10 priciest cities for office space, only three are in the U.S. – Midtown Manhattan and San Jose, with the 10th spot occupied by Greenwich, CT, with an average of $91.55/sq. ft. in yearly office rent.
Downtown Chicago lands 18th nationally with an annual asking rate of $43.6/sq. ft. and fares well against the rest of the U.S., topping San Diego ($35/sq. ft.), Denver ($36/sq. ft.) and Dallas ($42/sq. ft.) to name a few.
The New York Post and The Real Deal have reported that some 50 NYC buildings command office rents greater than $100 per sq. ft. The most expensive is likely to be Citadel Management’s rent of $300 per square foot for the top floor of L&L Holding’s 425 Park Avenue.
How much office space would a $10 million budget get you in the U.S. and around the world? Find out here: