Most Expensive Office Markets in the World

Tokyo

  • 2010 Position: 1
  • 2009 Position: 2
  •  $118 per square foot

London

  • 2010 Position: 2
  • 2009 Position: 3
  • $100 per square foot

Hong Kong

  • 2010 Position: 3
  • 2009 Position: 1
  • $99 per square foot

Dubai

  • 2010 Position: 4
  • 2009 Position: 5
  • $74 per square foot

Mumbai

  • 2010 Position: 5
  • 2009 position: 6
  • $66 per square foot

New York

  • 2010 Position: 6
  • 2009 Position: 8
  • $64.50 per square foot

Moscow

  • 2010 Position: 7
  • 2009 Position: 4
  • $63.00 per square foot  

Paris

  • 2010 Position: 8
  • 2009 Position: 7
  • $62.80 per square foot

Milan

  • 2010 Position: 9
  • 2009 Position: 10
  • $55.00 per square foot

Zurich

  • 2010 Position: 10
  • 2009 position: 11
  • $54.00 per square foot
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LEED Certified Office Buildings in New York City

There are currently twelve existing office buildings in New York City that have achieved a level of LEED certification. The total footprint of these properties is approximately 13,198,861 square feet and the vacancy rate including both direct and sublease space is hovering around 15%. Manhattan

For more information on these properties please explore the map below.


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Top 10 Square Foot Users By Industry

Industry Average square foot measurement (per employee)

1. Law Firms                                       423 square feet

2. Services                                           394 square feet

3. Government                                   391 square feet

4. Manufacturing                                379 square feet

5. Retailers/Wholesalers                   362 square feet

6. Medical                                            345 square feet

7. Agriculture/Utility                         343 square feet

8. Engineers/Architects                    328 square feet

9. Accountants                                    327 square feet

10. Finance                                          325 square feet

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520 Madison Avenue

Located in the heart of the Plaza District, 520 Madison Avenue is one of New York City’s most prestigious addresses. This 43 story, 1,034,108 square foot office building was completed in 1982 and designed by Swanke Hayden Connell & Partners.

According to Tishman Speyer’s  website until the late 1970s, Madison Avenue between 53rd and 54th Streets consisted of many small parcels of land with different owners. Tishman Speyer recognized the location as being strategically outstanding for a major corporate headquarters and assembled land parcels totaling 39,000 square feet. Tishman Speyer managed the design, construction, and development of the office tower, which when completed in 1982 represented the first investment-grade, stone-clad office facility constructed in New York City in over a decade. Tishman Speyer still owns this property today.

In 2009 520 Madison Avenue was awarded LEED certification at the Silver level by the U.S. Green Building Council. According to Costar the building is currently 97% occupied and houses an exclusive tenant roster that includes, Fortis, Carlyle Investment Management and Jefferies & Company.

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The Best Way to Track New York City Office Rents

Follow the Dow Jones Industrial Average…………

NYC Rent

* chart provided by Meghan Smith of Howard Ecker + Company

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Top 10 Cities With Total Square Feet of Vacant Office Space

  1. Chicago                                    65,853,319 square feet
  2. Washington D.C.                    58,868,060 square feet
  3. Dallas/ Fort Worth                54,804,618 square feet
  4. Los Angeles                            48,129,205 square feet
  5. Northern New Jersey           46,127,981 square feet
  6. Atlanta                                    45,156,406 square feet
  7. Philadelphia                            45,079,039 square feet
  8. Boston                                     39,634,269 square feet
  9. New York City                       39,041,280 square feet
  10. Houston                                  36,470,700 square feet
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Cleantech Destinations

The following five U.S. cities offer an array of attractive destinations for cleantech companies looking to relocate:

  • Austin: Austin is providing the new headquarters for the Clean Technology & Sustainable Industries Organization (CTSI). CTSI chose Austin because it has a thriving cleantech community, consisting of researchers (including those at the university level), sustainable development and investment. The Innovate Texas Foundation is also located in Austin, and expects to work with CTSI.
  • Boston: In 2008, the Boston area saw an investment of $387.17 million in greentech projects. The Boston area also includes a variety of cleantech pioneers, including Aeronautica Windpower, Conservation Services Group, Boston-Power, Inc., Evergreen Solar, GreatPoint Energy and others.
  • Denver: Denver continues to be one of the strongest hubs for cleantech companies. The Colorado Clean Tech Initiative ensures that start-up businesses in the state receive some assistance with funding. Meanwhile, Denver also has a blueprint for cleantech use and transportation that focuses on sustainability. The city was one of the first to get an alternative fuel vehicles for public transportation, and boasts the first major airport to reach ISO 14001 standards.
  • Seattle: Seattle is on the short list of cities that are likely to receive millions in funding for the purpose of jump-starting alternative energy technology. An annual budget from the federal government, if Seattle is approved as a R&D center, could be as high as $200 million.
  • San Francisco: San Francisco regularly hosts the prominent Cleantech Forum, bringing in cleantech leaders from throughout the county to share best practices, while the city also continues to maintain its status as a recognized destination for emerging companies. San Francisco also has a sustainability plan that tackles air quality, biodiversity, energy issues and green economic development.
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