CBRE: Here Are the Most Expensive Cities for Office Construction
NYC and San Francisco have the highest office construction costs in the country, CBRE's data reveals. In the Big Apple, costs range from $500 to $550 per SF, with San Francisco next in line at $350 to $400 per SF.
But that's not the only bill you have to foot if you're looking to build. “These numbers are for prices associated with the direct hard construction costs, CBRE senior managing director Robert Barone says. "The ranges do not include acquisition costs or indirect soft costs,” which usually adds another 30% to 40%.
Construction costs track office space rents closely, the report says. Both gateway cities sit atop the list of most expensive office asking rents in the country as well, coming in at $70.54 and $67.33 per SF, respectively.