Century City from a Plane

Los Angeles Less Expensive Than Other Major Markets

Posted on December 27, 2012 ยท Posted in Trends

Office space in Century City can go for $75 or more per square foot which is expensive for Los Angeles but pales in comparison to the rents paid in some of the world’s most desirable office locations.

In a recently released list of the world’s most expensive office markets, Los Angeles was ranked 32nd overall, which is interesting considering that for much of the recession they weren’t in the top 50. Midtown Manhattan was 16th making it the most expensive market in the United States but the lawyers and hedge funds of Midtown will take solace in knowing they are getting a relatively good deal compared to the rents paid for cities in the top 10 which was led by Hong Kong, London and Tokyo.

While Midtown might set you back $114 per square foot, getting prime office space in Hong Kong will set you back $246, more than double the price. Overall rents increased by 2.1% worldwide and North and South America led the charge with an overall annual increase of more than 5.2%. San Francisco saw rents jump 34 percent year-over-year as the tech boom drove in a massive influx of startups and technology firms.

World’s 10 Most Expensive Office Markets (Q4 2012)

  • Hong Kong
  • London (West End)
  • Tokyo
  • Beijing (Central)
  • New Delhi
  • Beijing (Financial Street)
  • Hong Kong (West Kowloon)
  • Moscow
  • London
  • Sao Paulo

Photo credit: Flickr user ReallyBoring