Boston’s Office Market Sees Worst Rental Rate Decline in U.S.

The Boston Business Journal reports on a CB Richard Ellis study that indicates Boston’s central business district had a 33.9% decline in office rental rates versus last year. This was the worst percentage decline among U.S. cities, with New York City coming in second with a 30% decline. The average rent in Boston is $36.45 per square foot through September 2009, still a bargain compared to New York’s $67/sf in midtown and London’s West End’s $185/sf. If there is any good news, it is that Boston ranked only 7th worst among global cities, with the worst declines seen in Hong Kong, Kiev, Singapore and Abu Dhabi.