CBRE: Manhattan fourth most expensive office market in world
Manhattan has become the fourth most expensive office market in the world, according to a recent report published by CBRE. The Global Prime Office Occupancy Costs report found that the average cost for leasing the best office space in each market’s best location increased by 3.6 percent globally over a 12-month period. Of the 122 markets tracked by CBRE, 85 registered cost increases. Midtown Manhattan has an average annual occupancy cost of $196.89 per sq ft.
“The race to attract and retain talent by securing office environments of the highest quality lost no momentum despite slower economies in some regions and unpredictable trade discussions,” said Julie Whelan, CBRE Americas head of occupier research. “In fact, the cost of occupying prime office space rose at a steeper rate as supply remained constrained in some coveted markets. Demand is notably strong from banking, finance, technology and coworking companies.”