San Francisco office rents most expensive in US

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.