Midtown Occupancy Costs Decline, Downtown’s Increase

Poor, downtrodden New York City has fallen three spots since last year in CB Richard Ellis’ rankings of the world’s most expensive office markets, getting squeezed out by none other than Dubai and Abu Dhabi (ranked Nos. 6 and 11, respectively).

Per usual, the West End of London remains the most expensive office market in the world, with occupancy costs averaging an eye-popping $248.66 a square foot per year. Moscow, for its part, moved up the ranks from four to two, with costs averaging an almost-as-galling $234.73 a year.

Midtown, meanwhile, ranked a pitiful No. 15, New York’s first entry on the ranking, with $98.08 a square foot per year, an actual decrease from November of last year, when midtown occupancy costs averaged $100.79. Ah, how times have changed.

As for the Top 50 markets by fastest-growing occupancy costs, midtown dropped from 25 last time to … not even on the list this go-round. Downtown Manhattan actually moved up two spots among the fastest-growing, from 50 to 48.

drubinstein@observer.com