If you're looking to build a commercial real estate property on a budget, there are a number of US metro areas to pass by. According to Turner & Townsend, multiple parts of the country see upward pressures on labor costs coupled with continued supply chain troubles and rising demand has made construction prices challenging.

At the moment, the most expensive place to build in the world is San Francisco. "Housing demand in this location also remains at an all-time high," the report said. "This is led partly by projects delayed during the pandemic, but also by the acute shortage in housing stock. The rate of development is especially high on the Peninsula and in San Jose, with Google, for example, delivering residential buildings as part of a corporate drive towards meeting high affordable housing demand."

Global number four New York City is the second most expensive place in the U.S. for construction and "New York is continuing to experience a race to the skies with demand for new supertall towers," according to Turner & Townsend. "In addition, Mayor Adams has promised to 'supercharge' economic development, loosening zoning regulations while committing to new apartment building across the five boroughs. A focus on zero carbon is also leading an emerging retrofit market for existing buildings."