Data from the 2018 Office EER Reveals Most and Least Expensive U.S. Office Markets
Using data from its 2018 Office Experience Exchange Report (Office EER), BOMA International has compiled a list of the most and least expensive office markets in the United States based on total operating expenses. Is your market listed?
New York City tops the list at $12.95 per square foot (psf), followed by San Francisco at $11.85 psf and Washington, D.C., at $11.43 psf. Boston appears on the list for the first time in five years, and Oakland, California, is also a newcomer to the list—likely driven by the high cost of nearby San Francisco.
At the opposite end of the spectrum, Salt Lake City comes in as the market with the lowest operating expenses. At $6.02 psf, Salt Lake City is less than half the cost of New York. Nashville, Tennessee, and Orlando, Florida, hold the second and third positions on the least expensive list, respectively, with their average operating expenses only $0.01 psf apart.
Want to know how your building’s expenses measure up to market averages? Look to BOMA’s 2018 Office EER, the most comprehensive office sector benchmarking resource in the industry. With extensive historical information, the Office EER allows users to conduct multi-year analysis of single markets, as well as generate customized reports based on various building characteristics and property types, such as medical office buildings, corporate facilities and government buildings.
Put the power of the Office EER to work for you. Subscribe now at eer.boma.org.
Also available: BOMA's Industrial EER is the only benchmarking resource in the commercial real estate industry specifically tailored to the industrial sector.
Subscribe to the 2018 Industrial EER at eer.boma.org.