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Article: New York, once again, leads globe in office rent.
- Article from:
- Real Estate Weekly
- Article date:
- April 15, 2009
CopyrightCOPYRIGHT 2009 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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New York City's Midtown Manhattan market reclaimed its title as the highest priced office market in the world in 2008, according to NAI Global's 2009 Global Market Report. Premium space in Midtown Manhattan peaked at $225 psf in 2008, before the sinking economy could take its toll.
London's Mayfair region held the "highest priced office market" title in 2008 with a peak rent of $265 psf per year. In 2009 the market took second place as peak rents fell $56 psf to $209 per square foot per year.
Hong Kong, the third highest-priced office market in the world, reported peak rents of $186 psf per year for 2008, a drop of $77 psf from the 2007 high of $263 psf ...