Report: Lower Manhattan Office Costs Way Up

Lower Manhattan had the highest annual growth in office occupancy costs among 134 markets surveyed in a new report. Lower Manhattan’s occupancy costs have increased 63 percent, according to the report issued by Staubach Company and its London-based partner.

The report defined occupancy costs as a combination of rent, maintenance fees and taxes, excluding leasing incentives. Success spirited lower Manhattan to the costly top, The Wall Street Journal reports:

The steep increase in costs in lower Manhattan represents the turnaround from the relatively cheap prices in that area just a year ago and shows how much the area has come back since its devastation from the terrorist attacks of Sept. 11, 2001…

- Tom Acitelli