San Francisco office rents most expensive in US
Not since the original Internet gold rush more than a decade and a half ago has the price of office space there surpassed that of Manhattan
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New York
MOVE over Manhattan: Office rents in San Francisco have eclipsed those in New York's costliest borough as the most expensive in the country.
A combination of the booming technology sector and a tight supply of commercial real estate propelled the average asking rent for office space in San Francisco to US$72.26 a square foot in the fourth quarter of last year, edging out the US$71.85 a square foot in Manhattan, according to a new report from the CBRE Group, a commercial real estate services and investment firm. The prices in San Francisco rose 14 per cent last year, compared with 7 per cent in Manhattan.
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