Premium Office Space, a Look around the World
Premium office spaces in premium cities, of course, come at premium prices. With that in mind, we analyzed office leases in desirable business districts in the top U.S. cities using CommercialEdge data cross- referenced with international lease data from JLL, CBRE and Cushman Wakefield. Our findings shed some light on how much offices cost in the most expensive cities in the world.
- While they may house the most expensive offices in the country, Manhattan and San Francisco are still only #6 and #7 in the global arena.
- London, Tokyo and Beijing top the list as the most expensive cities in the world for office space.
- Office rents in Austin and Miami climb to roughly $60 per square foot, passing Sydney and Frankfurt to meet Luxembourg and Boston.
Lease rates for all international markets were obtained from Q1 2022 Market Reports from CBRE, Cushman & Wakefield, and Jones Lang LaSalle for premium, Class A and trophy properties in the most desirable commercial districts in each city. All rankings are based on full service equivalent rates.
Lease rates for all U.S. markets were from Q1 2022 and were obtained from CommercialEdge.
Article courtesy of Patrick McGregor a senior writer covering the real estate industry and overall economic trends in the United States for several Yardi product publications.