{"id":2529,"date":"2024-01-29T13:18:18","date_gmt":"2024-01-29T13:18:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/blog\/?p=2529"},"modified":"2024-01-29T13:19:25","modified_gmt":"2024-01-29T13:19:25","slug":"most-expensive-office-space-submarkets","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/blog\/most-expensive-office-space-submarkets\/","title":{"rendered":"Most Expensive Office Space Submarkets: Manhattan\u2019s Plaza District &#038; Bay Area Tech Suburbs Lead"},"content":{"rendered":"<h2>Highlights<\/h2>\n<ul>\n<li>Midtown Manhattan\u2019s Plaza District was Q4 2023\u2019s most expensive office space submarket, with an average asking rent price of $125 per square foot.<\/li>\n<li>Menlo Park and Mountain View \u2013 West submarkets followed, with average prices of $112 and $93 per square foot, respectively.<\/li>\n<li>San Francisco and the Bay Area dominated the ranking in terms of number of entries, with six submarkets in the top 10.<\/li>\n<li>Submarkets in the Western U.S. claimed 30 of the 50 most expensive submarkets by asking prices, with all but two being in California.<\/li>\n<li>The Northeast logged 11 of the nation\u2019s 50 priciest areas for office space, with submarkets from New York and Boston.<\/li>\n<li>Florida, Texas and Washington, D.C. accounted for the nine Southern submarkets in the top 50.<\/li>\n<\/ul>\n<p>In the ongoing transformation of office space, the previous year cemented the same trends toward higher quality properties serving as attractive collaboration hubs for employees. At the same time, the large number of maturing leases that were signed pre-pandemic is also exerting pressure on asking rates, promising to bring further changes to the market.<\/p>\n<p>In this unique context, we at CommercialSearch analyzed where asking rent costs stood heading into 2024. Using data provided by commercial listing and research tool CommercialEdge, we looked into office listings across more than 1,300 submarkets throughout the U.S. to find out which were home to the most expensive office spaces in Q4 2023. Check out the top 10 most expensive submarkets below and read on for an expanded list of the top 50, as well as a regional breakdown.<\/p>\n<h2>Manhattan\u2019s Plaza District Retains Title of Most Expensive Office Submarket<\/h2>\n<p>Midtown Manhattan\u2019s Plaza District was the most expensive office submarket in Q4 2023, with <span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">the average asking price here resting at $125 per square foot of office space<\/span>. <span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">The submarket also previously ranked as the priciest in Q4 2022, following two second-place finishes in the two prior years.<\/span><\/p>\n<p>The Plaza District\u2019s high price tag primarily comes down to its robust supply of high-quality Class A and trophy <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noopener\">Manhattan office space<\/a>. In fact, of the submarket\u2019s 322 listed office spaces, 196 are Class A or A+, with an average price per square foot of more than $132. Top-tier office properties here include the Rockefeller Center, the recently renovated Time-Life Building and other prestigious landmarks that contributed to the Plaza District\u2019s consistently high prices.<\/p>\n<div class=\"infogram-embed\" data-id=\"4b14e645-5f8d-4679-b80f-16ab7a8043fa\" data-type=\"interactive\" data-title=\"Map - most expensive submarkets - asking rent 2023 Q4\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>Up next, the podium was completed by two Bay Area submarkets. <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ca\/san-mateo-county\/menlo-park\/\" target=\"_blank\" rel=\"noopener\">Menlo Park<\/a> occupied the second spot \u2014 the same position that it earned in Q4 2022 \u2014 with an average asking price of $112 per square foot. Although Menlo Park may be best known as the home of Facebook parent Meta, it also hosts a plethora of other tech companies that help drive demand for quality office space. Similarly, that trait is shared by the <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ca\/santa-clara-county\/mountain-view\/\" target=\"_blank\" rel=\"noopener\">Mountain View<\/a> \u2013 West submarket, which landed at #3 with an average asking price of $93 per square foot of office space.<\/p>\n<p>Overall, California dominated the list of the top 10 most expensive office submarkets by recording a total of seven entries. Besides the two podium finishers, four more Bay Area submarkets also made the cut \u2014 Palo Alto at #5 ($88 per square foot); Sunnyvale West at #6 ($87 per square foot); Redwood City at #8 ($84 per square foot); and neighboring Redwood Shores at #9 ($82 per square foot). Not to be outdone, Los Angeles also provided one of the Golden State\u2019s entries in the upper echelons with Century City \u2014 a high-end, Westside business district and the most expensive area for <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ca\/los-angeles\/\" target=\"_blank\" rel=\"noopener\">Los Angeles office space<\/a> \u2014 which closed out the top 10 list with average asking prices resting at $82 per square foot of space.<\/p>\n<p>Notably, one Florida entry earned a spot among the top 10 priciest office submarkets in the U.S.: Coming in at #4, office space in Miami\u2019s Brickell financial district goes went for an average of $90 per square foot. Prices here were driven up by a high concentration of trophy space, as 26 of the market\u2019s 33 office space listings are Class A and or A+.<\/p>\n<p><span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Finally, Lower Manhattan\u2019s SoHo submarket landed at #7 with an average price of $84 per square foot of office space. In addition to being one of Manhattan\u2019s richest cultural, artistic and culinary hotspots, the many boutique-style, high-end offices in SoHo contributed to it being the second \u2014 and final<\/span>\u00a0\u2014 <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ny\/new-york-city\/\" target=\"_blank\" rel=\"noopener\">New York City office space<\/a> submarket to break into the top 10 most expensive in the country.<\/p>\n<p><span class=\"ui-provider\">Overall, asking price averages in the top 10 ranged from the Plaza District\u2019s $125 per square foot down to roughly $82 per square foot in Century City in LA. Otherwise, average prices among the 50 most expensive submarkets started at $56 per square foot.<\/span><\/p>\n<p><em>Check out the full list of the 50 most expensive office submarkets in the U.S. in Q4 2023 and keep reading for a breakdown by region.<\/em><\/p>\n<div class=\"infogram-embed\" data-id=\"9291a380-1bfa-4d6e-b331-1954a19dd396\" data-type=\"interactive\" data-title=\"Top Submarkets - Asking Rent Q4 2023 - Table\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<p>The Western U.S. claimed the most expensive submarkets by asking price by being home to 30 of the 50 priciest in the nation. <span class=\"ui-provider\">In this case, California accounted for all but two of the 30 ranking submarkets in the region. Seattle was home to the remaining two<\/span>.<\/p>\n<p>The second-most-represented region in the top 50 was the Northeast with 11 entries. <span class=\"ui-provider\">Six of these \u2014 including the top-10-ranking Plaza District and SoHo \u2014 were located in New York. The remaining five submarkets hailed from Boston.<\/span><\/p>\n<p>Meanwhile, of the South\u2019s nine entries, five are in Florida, while Texas and Washington, D.C. recorded two entries each.<\/p>\n<div class=\"infogram-embed\" data-id=\"3a03fc44-3977-4041-a203-74512ae7a557\" data-type=\"interactive\" data-title=\"Viz 1 Top Submarkets - Asking Rent_Q4 2023\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2>San Francisco Metro Home to 20 of Most Expensive Submarkets in Western U.S.<\/h2>\n<p>California\u2019s dominance on the list primarily came down to a series of pricey areas in San Francisco, as well as the wider Bay Area. More precisely, among the metro area\u2019s 20 entries, asking prices for <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ca\/san-francisco\/\" target=\"_blank\" rel=\"noopener\">San Francisco office space<\/a> ranged from $59 per square foot in the Civic Center area to $112 in Menlo Park. In addition to the aforementioned suburban areas, the Golden Gate City\u2019s big-budget submarkets also included central areas, such as Presidio Heights at #11, the Northern Waterfront at #15 and the South Financial District at #22.<\/p>\n<p>Likewise, prices in the Bay Area office market ranged from $60 in Emeryville to up to $93 per square foot in Mountain View \u2013 West. Excluding San Francisco, the region contributed six of the 30 total Western U.S. entries, with tech-heavy submarkets \u2014 such as Mountain View East and Cupertino \u2014 also earning their places in the ranking.<\/p>\n<p><span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Further down the coast, eight of the Western U.S. submarkets to rank in the top 50 hailed from Los Angeles. Most are affluent areas in Westside, including Beverly Hills<\/span>, <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ca\/santa-monica\/\" target=\"_blank\" rel=\"noopener\">Santa Monica<\/a>, <span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Pacific Palisades\/Malibu, the Jefferson Corridor, West LA, Westwood and Hollywood. Average asking rates among this group ranged from $58 to $68 per square foot.<\/span><\/p>\n<p>Lastly, Seattle contributed the final two Western submarkets ranking among the 50 most expensive by asking price. Specifically, Seattle\u2019s Denny Triangle reached #45 by logging a price per square foot of just under $59. Being one of the foremost areas for high-tier <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/wa\/seattle\/\" target=\"_blank\" rel=\"noopener\">Seattle office space<\/a> besides downtown, Denny Triangle is a young professional\u2019s paradise, combining high-rises with upscale shopping and cuisine. Then, office space around Lake Union was Emerald City\u2019s second-most expensive, with average prices here coming up to $57 per square foot to grant the submarket a 48th-place finish nationally.<\/p>\n<div class=\"infogram-embed\" data-id=\"715a7085-e893-4e81-91bd-10d2d865222d\" data-type=\"interactive\" data-title=\"Top Submarkets - West - Asking Rent - Q4 2023\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2>Highest-Priced Expensive Office Submarkets in Northeast Located in NYC &amp; Boston<\/h2>\n<p>In the Northeast, expensive office locations were distributed between New York City and Boston.<\/p>\n<p><span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">First, NYC was home to six of the region\u2019s priciest locations. In addition to the Plaza District and SoHo, Manhattan entries also included office space in the Turtle Bay, Gramercy Park and Times Square-Hell\u2019s Kitchen submarkets. But, Manhattan is not the only NYC borough to feature in the ranking as<\/span>\u00a0one <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ny\/brooklyn\/\" target=\"_blank\" rel=\"noopener\">Brooklyn office space<\/a> submarket also made the list: Brooklyn Heights averaged $60 per square foot across 17 listings in Q4 2023, making it the 36th most expensive submarket by asking price nationally and NYC\u2019s fifth entry overall.<\/p>\n<p>Boston\u2019s Back Bay was the most expensive submarket in the Northeast outside Manhattan, reaching 13th with a price per square foot of $76 across 54 office space listings. Other than the renowned brownstone neighborhood, four other <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noopener\">Boston office space<\/a> submarkets also made the cut with prices ranging from $70 to $56 per square foot. Office space in Boston\u2019s highest-density central business district submarket claimed the highest spot of these, ranking 18th, while the remaining downtown area reached #50. Other less central areas in the Boston metro also claimed high prices, with the Route 128 Central submarket reaching 29th and the Seaport Innovation District stopping at #38, respectively.<\/p>\n<div class=\"infogram-embed\" data-id=\"c21e63a1-62ea-4d84-9577-034b1f68ffc0\" data-type=\"interactive\" data-title=\"Top Submarkets - Northeast - Asking Rent - Q4 2023\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2>Florida Logs 5 of South\u2019s 9 Most Expensive Areas for Office Space<\/h2>\n<p><span class=\"ui-provider a b c d e f g h i j k l m n o p q r s t u v w x y z ab ac ae af ag ah ai aj ak\" dir=\"ltr\">Florida accounted for five of the nine Southern U.S. submarkets to rank among the country\u2019s 50 most expensive, with all but one being located in Miami<\/span>. Besides fourth-place Brickell, Miami Beach (#14), Miami North (#17) and Miami\u2019s Central Business District (#21) were the other pricey submarkets for <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/fl\/miami\/\" target=\"_blank\" rel=\"noopener\">office space in Miami<\/a>.<\/p>\n<p>In addition to these submarkets, office space in West Palm Beach-Boca Raton logged a $59 price tag per square foot, making the area the state\u2019s fifth-most expensive. As more companies (as well as professionals) turn to Florida, the state\u2019s primary office markets are also becoming increasingly sought after \u2014 a fact reflected by their respective average asking prices for office space.<\/p>\n<p>Texas was also represented among the South\u2019s most expensive office submarkets by two Austin entries. At #27, asking prices for <a href=\"https:\/\/www.commercialsearch.com\/office\/us\/tx\/austin\/\" target=\"_blank\" rel=\"noopener\">Austin office space<\/a> in the city\u2019s East submarket averaged $65 per square foot, while the city\u2019s downtown made it to 33th with a price tag of $62.<\/p>\n<p>Asking prices for office space in the submarket anchored by Washington, D.C.\u2019s Seventh Street stood at $60 per square foot in Q4 last year, placing it as the 39th-most expensive in the U.S. Directly neighboring the National Mall and some of D.C.\u2019s most recognizable landmarks, office space in this submarket logs consistently high asking prices. Plus, just to the east, offices in the city\u2019s NoMa neighborhood go for $57 per square foot on average, making it D.C.\u2019s second presence on the list and the 47th-most expensive overall.<\/p>\n<div class=\"infogram-embed\" data-id=\"76ee12de-39ce-4198-85f5-c79ac2484729\" data-type=\"interactive\" data-title=\"Top Submarkets - South - Asking Rent - Q4 2023\"><\/div>\n<p><script>!function(e,n,i,s){var d=\"InfogramEmbeds\";var o=e.getElementsByTagName(n)[0];if(window[d]&&window[d].initialized)window[d].process&&window[d].process();else if(!e.getElementById(i)){var r=e.createElement(n);r.async=1,r.id=i,r.src=s,o.parentNode.insertBefore(r,o)}}(document,\"script\",\"infogram-async\",\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\");<\/script><\/p>\n<h2>Methodology<\/h2>\n<p>The analysis for this ranking was based on data we compiled on December 1, 2023, from CommercialEdge. We considered all U.S. office submarkets where there were at least three listings of office space for rent during Q4 2023 for a total of 1,372 submarkets, as defined by CommercialEdge. For each of these subdivisions, lease rates were averaged to asking rents per square foot per year and weighted by square footage. The data includes only office properties equal to or larger than 25,000 square feet.<\/p>\n<p>For the purposes of this article, we ranked the 50 highest Q4 2023 average full-service equivalent asking rates per square foot per year.<\/p>\n<p>While every effort was made to ensure the timeliness and accuracy of the information presented herein, the information is provided \u201cas is\u201d and neither CommercialSearch nor CommercialEdge can guarantee that the information provided is complete. This study is for general informational purposes only. It does not constitute and should not be relied upon as a basis for any investment decision. The information presented is subject to change without notice and may or may not apply depending on the circumstances. Always contact a qualified investment consultant if you need advice regarding buying, selling or otherwise transacting in any investment.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Midtown Manhattan&#8217;s Plaza District stole the show in Q4 2023 as the most expensive office submarket for the second year in a row, while the larger top 10 was dominated by California and the Bay Area in particular.<\/p>\n","protected":false},"author":71,"featured_media":2530,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,34],"tags":[17,64,15,24,18,14,16],"class_list":["post-2529","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate-reports","category-office-reports","tag-austin-tx","tag-boston-ma","tag-los-angeles-ca","tag-manhattan","tag-miami-fl","tag-new-york-city-ny","tag-san-francisco-ca"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Most Expensive Office Space Submarkets in the U.S. in Q4 2023<\/title>\n<meta name=\"description\" content=\"From Manhattan&#039;s most storied areas to the tech hubs of Northern California, here are the office submarkets with the 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