Here's Where Office Rents Were Highest In Q4

Office asking rents were highest in New York City’s Plaza District in the fourth quarter of last year, according to CommercialSearch’s latest office report analyzing CommercialEdge data on office asking rates across more than 1,300 submarkets.

Rents in the neighborhood clocked in at $177 per square foot. The region was followed by Menlo Park, Calif., at $114/psf and Palo Alto at $97/psf.

Regionally, submarkets across the West accounted for 31 of the 50 top spots and were comprised of cities across California, Washington & Colorado. Redwood City, which came in #4, averaged full-service equivalent asking rents of roughly $86 per square foot, while office space in Century City ranked fifth with asking rents averaging $74.30 per square foot. San Francisco’s South Financial District ranked “a very close sixth” with asking rents of $74.10 per square foot, on average.

Gramercy Park in Manhattan came in #7 with average asking rents of $69.60 per square foot in the final quarter of last year, followed by Beverly Hills, where asking rents averaged $69.30 per square foot. Redwood Shores in Northern California averaged $68 per square foot and took ninth place, followed by San Mateo with asking rents of $66 per square foot.

In the South, Florida and Texas were standouts, with Austin’s Downtown rating  $58.1/psf, and Downtown West Palm Beach at $57.6/psf

No Midwestern U.S. submarkets made CommercialSearch’s list of the top 50 priciest.