Manhattan has high prime office rents: but only ranks third in the world

real deal
The GM Building at 767 Fifth Avenue, 11 Madison Avenue And 51 Astor Place are among 50 NYC buildings with average office rents greater than $100 per sq. ft. (The Real Deal)

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 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.

Comparisons from

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:


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