The priciest office submarkets in the U.S.: What the top 25 reveal
It’s no surprise that 14 of the top 25 submarkets are in Manhattan, with Hudson Yards claiming the top spot. However, some new submarkets have emerged on the scene as some of the most expensive in the country compared to pre-pandemic averages.
Notably, the Brickell and Biscayne Corridor submarkets in Miami jumped 20 and 15 places, respectively, compared to 2017-2019 lease rate averages. Strong leasing fundamentals coupled with an influx of commercial and residential migration to “Wall Street South” during the pandemic resulted in a sharp uptick in lease rates.
Conversely, two submarkets in San Francisco’s financial district experienced the largest drop in rankings, as their average lease rates have remained static since before the pandemic. Meanwhile, several Manhattan submarkets have surpassed them over the last few years.
