Rent is always one of the biggest expenses for white-collar businesses in Boston, but office space here is an absolute bargain compared with most global financial centers.
In fact, no U.S. city cracked the top 10 in an annual survey of the world’s most expensive office markets released yesterday by real estate brokerage CB Richard Ellis. London’s West End kept its crown as the priciest neighborhood of all. Office space there goes for $183 a square foot per year.
Hong Kong’s central business district, $153 a square foot, moved past Tokyo’s inner central district ($144) to place second. Rounding out the top five were Mumbai and Moscow, both at about $125 a square foot. Leading North America was New York’s midtown district in 26th place at $64.51 a square foot, which placed it between Stockholm and Birmingham, England. Washington, D.C., was the only other U.S. city to make the top 50.
Boston’s looking like a bargain at approx $42.46 per sq ft.