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The cost of housing is something we are all familiar with; from paying your own rent or mortgage to having relatives in other states, we inevitably remain aware of what it costs to live in the United States. But do you know how much office spaces cost? The rates of commercial real estate like office buildings are indicative of the amount of business being conducted in an area and can be used to better understand a region’s current and future economy.
CBRE’s recently-released Global Prime Office Occupancy Cost Survey lists the priciest office markets throughout the world. According to the report, prime occupancy rates rose 2.4 percent globally; in the Americas it increased by 3.1 percent, in EMEA (Europe, the Middle East and Africa) countries 2.2 percent and in Asia Pacific 1.9 percent.
The top 10 most expensive office building markets with their price per square feet are:
- London-West End: $273
- Hong Kong-Central: $269
- Beijing-Finance Street: $191
- Beijing-Central Business District: $183
- Hong Kong-West Kowloon: $162
- New Delhi-Connaught Place- Central Business District: $151
- Tokyo-Marunouchi Otemachi: $149
- London-City: $149
- Shanghai-Pudong: $135
- New York-Midtown Manhattan: $127
The top five growth U.S. markets are:
- Seattle Downtown: 17.3 percent
- Boston Downtown: 9.3 percent
- Atlanta Downtown: 9.1 percent
- San Francisco Peninsula: 9 percent
- Boston Suburban: 8.8 percent
As economies recover around the world and markets thrive, office costs are predicted to continue on their steady increase. Will Asia Pacific remain dominant in the top 10 spots next year, or will other economies change enough to disrupt this norm?