Minneapolis-St. Paul was one of the 14 major US markets to show an increase in rents, while 18 of those markets showed a decline and one stayed even, according to the Grubb & Ellis survey.
The big declines came in tech-oriented markets such as San Francisco, where the office rental prices fell by 51.3% to $37.71 per sf, San Jose dropped 45.8% to $45.31 per sf, and Boston was down 23.3% to $34.50 per sf. The biggest increases were in Philadelphia, up 9.4% to $26.51 per sf, and Fairfield County, up 8.7% to $37.30 per sf.
London was the most expensive city in the world to have an office with an average expense of $149.04 per sf, followed by Tokyo at $107.20 per sf, and Paris at $69.31 per sf. The cheapest offices are to be found in Jakarta, Indonesia, at an average cost of $14.82 per sf and Kuala Lumpur, $19.75 per sf.
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