Silicon Valley has seen office rents nearly double in the last year alone, skyrocketing 43 percent. And occupancy costs have risen 30 percent in the last six months alone, according to the semi-annual Global Market Rent Survey released this week by Richard Ellis Global Research and Consulting. The area now ranks 13th most expensive among world office-space markets, with space averaging $57 per sf.
According to the report, San Francisco has broken into the top 10 most expensive world markets for office tenants, with average annual occupancy costs rising more than 26 percent to $64.70 per sf during the first six months of this year.
Occupancy costs in San Francisco have risen 36 percent over the last year. But Tokyo still remains the world's most expensive city for office-seekers at an average $155 per sf.
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