B_1015_News_smalloffice

Most Expensive U.S. Office Markets Ranked

Nov. 10, 2015

Survey shows rental incomes rising in 2014.

Commercial office rental incomes are increasing, according to new research from BOMA that ranks the most expensive office markets in the U.S. for both operation and rental costs. Drawing from data in the 2015 Office Experience Exchange Report (Office EER), BOMA researchers found that San Francisco has the highest operating costs at $11.72 per square foot (psf), with New York City, San Jose, Washington, D.C., and Baltimore rounding out the top five. Conversely, Cincinnati came in as least expensive at $5.34 psf, with Salt Lake City, Orlando, Atlanta, and Fort Worth, TX also noted as having low operating costs.  

The survey, which gathered data from over 5,300 buildings in the U.S. and Canada representing more than 820 million square feet, also measured U.S. markets by average rental incomes. The results show that New York City is the most expensive at $48.51 psf, with Washington, D.C., San Francisco, and Washington D.C.’s suburbs in Maryland and Virginia accounting for the top five. Topping BOMA’s list for least expensive markets by rental income is Detroit at $17.85 psf, with Columbus, OH, Fort Worth, St. Louis, and the suburbs of Chicago also coming in with low average rental incomes.

Voice your opinion!

To join the conversation, and become an exclusive member of Buildings, create an account today!

Sponsored Recommendations

Building Better Schools

Download this digital resource to better understand the challenges and opportunities in designing and operating educational facilities for safety, sustainability, and performance...

Tips to Keep Facility Management on Track

How do you plan to fill the knowledge gap as seasoned facility managers retire or leave for new opportunities? Learn about the latest strategies including FM tech innovations ...

The Beauty & Benefits of Biophilic Design in the Built Environment

Biophilic design is a hot trend in design, but what is it and how can building professionals incorporate these strategies for the benefits of occupants? This eHandbook offers ...

The Benefits of Migrating from Analog to DMR Two-Way Radios

Are you still using analog two-way radios? Download this white paper and discover the simple and cost-effective migration path to digital DMR radios that deliver improved audio...