NEW YORK CITY-Don’t look for Midtown Manhattan in a global list of the top 10 markets for office occupancy costs. It won’t be found in a list of the top 20, either. The most expensive office market in North America, Midtown comes in at 26th worldwide with an average occupancy cost (including rent and other expenses) of $66.59 per square foot as of Sept. 30. That’s a 4.5% year-over-year decline and just over one-third the $193.69 average per square foot commanded in London’s West End.

So says CB Richard Ellis in its semiannual Global Office Rents survey, released Wednesday. Of the 175 markets surveyed worldwide, 99 are in the same situation as Midtown Manhattan: i.e. their occupancy costs, led by rents, have fallen year over year.

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