The semi-annual Global Market Rents study issued in August by CB Richard Ellis found only four U.S. cities ranked in the world’s 50 priciest office districts: Midtown Manhattan (No. 27), Washington, D.C. (No. 37), Boston, Mass., (No. 45) and Stamford, Conn. (No. 49). What’s more, only 21 U.S. markets placed in the Top 100. "From an occupancy cost perspective, the U.S. remains a great place to do business," said Ward Caswell, CB Richard Ellis’ Director of Information Management. "While U.S. rents are rising, they aren’t rising at the same rate as they are internationally, even when accounting for the recent appreciation of the dollar against foreign currencies."
The full top 50 locations as of mid-2005 are below. See the equally semi-annual Site Selection/NAI Global Industrial Location Index, published in the March and September issues of Site Selection, for further data and cross-referencing.
| |
City
|
Occupation Cost
|
| |
|
US$
/sq ft/annum
|
€
/sq m/month
|
£
/sq ft/annum
|
Aus$ /sq m/annum
|
Can$ /sq ft/annum
|
End
2004 Ranking
|
|
1
|
London (West End), England
|
178.67
|
132.59
|
98.07
|
2,505.52
|
220.30
|
1
|
|
2
|
Tokyo (Inner Central), Japan
|
131.10
|
97.29
|
71.96
|
1,838.51
|
161.65
|
3
|
|
3
|
Tokyo (Outer Central), Japan
|
123.39
|
91.57
|
67.73
|
1,730.37
|
152.14
|
4
|
|
4
|
London (City), England
|
119.11
|
88.39
|
65.38
|
1,670.35
|
146.87
|
2
|
|
5
|
Paris, France
|
89.58
|
66.47
|
49.17
|
1,256.15
|
110.45
|
5
|
|
6
|
Moscow, Russia
|
85.29
|
63.29
|
46.81
|
1,195.98
|
105.16
|
10
|
|
7
|
Dublin, Ireland
|
81.18
|
60.24
|
44.56
|
1,138.41
|
100.09
|
8
|
|
8
|
Hong Kong
|
75.85
|
56.29
|
41.63
|
1,063.69
|
93.52
|
17
|
|
9
|
Edinburgh, Scotland
|
75.80
|
56.25
|
41.61
|
1,062.95
|
93.46
|
9
|
|
10
|
Manchester, England
|
73.99
|
54.91
|
40.62
|
1,037.64
|
91.23
|
7
|
|
11
|
Leeds, England
|
69.48
|
51.56
|
38.14
|
974.37
|
85.67
|
NC
|
|
12
|
Zurich, Switzerland
|
67.88
|
50.37
|
37.26
|
951.87
|
83.69
|
13
|
|
13
|
Birmingham, England
|
67.68
|
50.22
|
37.15
|
949.06
|
83.45
|
6
|
|
14
|
Dubai, United Arab Emirates
|
65.40
|
48.53
|
35.90
|
917.06
|
80.63
|
NC
|
|
15
|
Frankfurt, Germany
|
63.57
|
47.17
|
34.89
|
891.46
|
78.38
|
15
|
|
16
|
Bristol, England
|
63.17
|
46.87
|
34.67
|
885.79
|
77.88
|
NC
|
|
16
|
Glasgow, Scotland
|
63.17
|
46.87
|
34.67
|
885.79
|
77.88
|
12
|
|
18
|
Paris La Defense, France
|
63.05
|
46.79
|
34.61
|
884.21
|
77.74
|
NC
|
|
19
|
Seoul, South Korea
|
61.74
|
45.82
|
33.89
|
865.81
|
76.13
|
18
|
|
20
|
Milan, Italy
|
60.99
|
45.26
|
33.48
|
855.26
|
75.20
|
14
|
|
21
|
Aberdeen, Scotland
|
57.30
|
42.52
|
31.45
|
803.54
|
70.65
|
NC
|
|
22
|
Munich, Germany
|
57.13
|
42.39
|
31.36
|
801.15
|
70.44
|
19
|
|
23
|
Mumbai (Bombay), India
|
56.43
|
41.87
|
30.97
|
791.30
|
69.57
|
23
|
|
24
|
Geneva, Switzerland
|
55.67
|
41.31
|
30.56
|
780.67
|
68.64
|
16
|
|
25
|
Luxembourg City, Luxembourg
|
54.63
|
40.54
|
29.99
|
766.14
|
67.36
|
11
|
|
26
|
Jersey, England
|
54.14
|
40.18
|
29.72
|
759.25
|
66.76
|
NC
|
|
27
|
New York - Midtown Manhattan
|
53.69
|
39.84
|
29.47
|
752.91
|
66.20
|
28
|
|
28
|
Madrid, Spain
|
52.89
|
39.25
|
29.03
|
741.76
|
65.22
|
21
|
|
29
|
Liverpool, England
|
51.43
|
38.17
|
28.23
|
721.29
|
63.42
|
NC
|
|
30
|
Brussels, Belgium
|
49.33
|
36.61
|
27.08
|
691.81
|
60.83
|
22
|
|
31
|
Taipei, Taiwan*
|
48.16
|
35.74
|
26.44
|
675.39
|
59.38
|
34
|
|
32
|
Stockholm, Sweden
|
48.14
|
35.73
|
26.43
|
675.12
|
59.36
|
20
|
|
33
|
Rome, Italy
|
45.62
|
33.85
|
25.04
|
639.74
|
56.25
|
26
|
|
34
|
Athens, Greece
|
44.20
|
32.80
|
24.26
|
619.79
|
54.50
|
24
|
|
35
|
New Delhi, India
|
43.06
|
31.95
|
23.63
|
603.78
|
53.09
|
32
|
|
36
|
Budapest, Hungary
|
42.61
|
31.62
|
23.39
|
597.48
|
52.53
|
55
|
|
37
|
Washington, DC (CBD)
|
41.84
|
31.05
|
22.97
|
586.74
|
51.59
|
33
|
|
38
|
Barcelona, Spain
|
41.82
|
31.04
|
22.96
|
586.52
|
51.57
|
29
|
|
39
|
Ho Chi Minh City, Vietnam
|
41.69
|
30.94
|
22.89
|
584.68
|
51.41
|
50
|
|
40
|
Hamburg, Germany
|
41.26
|
30.62
|
22.65
|
578.61
|
50.87
|
45
|
|
41
|
Amsterdam, Netherlands
|
40.72
|
30.22
|
22.35
|
571.02
|
50.21
|
27
|
|
42
|
San Juan, Puerto Rico
|
40.56
|
30.10
|
22.26
|
568.72
|
50.01
|
35
|
|
43
|
Shanghai (Pudong), China
|
40.49
|
30.05
|
22.22
|
567.78
|
49.92
|
39
|
|
44
|
Sydney, Australia+
|
40.43
|
30.00
|
22.19
|
567.01
|
49.85
|
NC+
|
|
45
|
Boston (CBD)
|
39.65
|
29.42
|
21.76
|
556.03
|
48.89
|
38
|
|
46
|
Berlin, Germany
|
38.94
|
28.89
|
21.37
|
546.03
|
48.01
|
41
|
|
47
|
Shanghai (Puxi), China
|
38.83
|
28.82
|
21.32
|
544.56
|
47.88
|
47
|
|
48
|
Toronto, Canada (CBD)
|
37.71
|
27.99
|
20.70
|
528.86
|
46.50
|
30
|
|
49
|
Stamford, Connecticut
|
37.67
|
27.95
|
20.68
|
528.26
|
46.45
|
NC
|
|
50
|
Ottawa | |
