If You Think Downtown Boston Rents Are High, Think Again
If you thought downtown Boston rents were bad, think again.
Tokyo has replaced London’s West End as the world’s most expensive office market.
And expensive it is.
Office rents in Tokyo’s business district now average $183 a square foot – more than three times what some top-shelf tower space is fetching here in Boston, according to a new survey by CB Richard Ellis.
No bargain there.
London is now No. 2, with West End office rents having fallen to $172 a square foot.
A year ago, the same space was fetching more than $300 a square foot.
Ouch.
Still, this year’s office rent survey is more a race down the cost scale than up it.
While the Tokyo office market is more expensive now than London, it is mainly because London rents fell more sharply.