Most of we New Yorkers assume that our city is probably the most expensive place in the world. However, with respect to office space, this is not the case. New York is actually the fourth most expensive city in the world. On a worldwide basis, ahead of New York, are Hong Kong, London, and Beijing. Not surprisingly, New York retains the title of “Most Expensive City in the United States.”
There are many factors that affect the comparative rate for office rents worldwide. For example, each city has costs on top of the base rent. Tenants in New York City have the additional costs of electricity, operating expenses, and real estate taxes which are added to the base rent. These additional expenses will increase the total office rent paid by about 15%.