DENVER – Using data from CBRE and Cushman & Wakefield, CommercialCafé analyzed what prime office rents look like in the United States, stacked up against the rest of the world. Surprisingly, they found that U.S. rents are significantly cheaper.
Downtown Denver landed 25th nationally and is one of the more affordable office markets for leasing; with an average annual asking rate of $36/sq. ft., and fares well against the rest of the U.S., topping Pittsburgh and San Diego.
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 rents.
Central Hong Kong is the most expensive office destination in the world, the average annual rental rate is $269/sq. ft./year or $22/sq. ft./month, with office rates 55 percent higher than in Beijing and 75 percent above rates in Manhattan.
Data courtesy of CBRE and Cushman & Wakefield.