Chicago office rents high, but not overwhelming compared to the US and rest of the world

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Chicago’s office rents are the nation’s 18th highest — and a tiny fraction of the costs in some other world cities, according to according to data compiled by commercialcafe.com based on data from CBRE and Cushman & Wakefield.

New York City has the U.S.’s highest office leasing rates, but (while they are steep at $153.50 per sq. ft. annually) they are nowhere near the world’s highest rates in Hong Kong at $269.26 per sq. ft.,  Bejing comes in second at $174 per sq. ft.

Of the world’s 10 priciest cities for office space, only three are in the U.S. – Midtown Manhattan and San Jose, with the 10th spot occupied by Greenwich, CT, with an average of $91.55/sq. ft. in yearly office rent.

commercialcafe
Comparisons from Commercialcafe.com

Downtown Chicago lands 18th nationally with an annual asking rate of $43.6/sq. ft. and fares well against the rest of the U.S., topping San Diego ($35/sq. ft.), Denver ($36/sq. ft.) and Dallas ($42/sq. ft.) to name a few.

How much office space would a $10 million budget get you in the U.S. and around the world? Find out here:

https://www.commercialcafe.com/blog/2018/01/25/us-office-rents-significantly-cheaper-compared-rest-world/

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