{"id":39888,"date":"2021-04-14T15:28:00","date_gmt":"2021-04-14T12:28:00","guid":{"rendered":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/?p=39888"},"modified":"2025-04-10T14:29:57","modified_gmt":"2025-04-10T11:29:57","slug":"most-expensive-office-areas-q4-2020","status":"publish","type":"post","link":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/2021\/04\/14\/most-expensive-office-areas-q4-2020\/","title":{"rendered":"The 50 Most Expensive Submarkets for Office Space in Q4 2020"},"content":{"rendered":"\n<p>As the effects of the pandemic continue to be felt in the commercial real estate (CRE) world, some companies are switching up their future <a href=\"https:\/\/www.commercialcafe.com\/blog\/biggest-us-companies-return-to-office\/\" target=\"_blank\" rel=\"noreferrer noopener\">policies regarding work from home<\/a> and reevaluating their office footprint.<\/p>\n\n\n\n<p>So, CommercialSearch conducted a study to find which were the <a href=\"https:\/\/www.commercialsearch.com\/blog\/50-most-expensive-u-s-office-submarkets-q4-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">50 most expensive office space submarkets in Q4 2020<\/a>. Overall, 42 of the 50 entries were in California or New York state, with the Golden State raking in more than half of all entries. Meanwhile, Washington, D.C.; Florida; Massachusetts; and Texas were home to the remaining eight areas where office space is the priciest. Keep reading for more details.<\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"37f7bbf1-e487-4c64-b255-062a04cdf05f\" data-type=\"interactive\" data-title=\"Submarets by asking rent prices table - desktop\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"10_Most_Expensive_Office_Submarkets_Are_in_Silicon_Valley_Tech_Centers_Manhattans_Priciest_Areas\"><\/span>10 Most Expensive Office Submarkets Are in Silicon Valley Tech Centers &amp; Manhattan\u2019s Priciest Areas<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Taking the title of the most expensive submarket in Q4 2020 was Menlo Park, Calif., with an average asking rent of $109.57 per square foot per year. Home to Facebook\u2019s headquarters, Menlo Park was the priciest of the 14 entries from Northern California on the list, surpassing prime locations for <a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/ca\/san-francisco\/\" target=\"_blank\" rel=\"noreferrer noopener\">San Francisco office space<\/a> like Redwood City, SOMA and the South Financial District.<\/p>\n\n\n\n<p>The other two spots on the podium were taken by two of the most prestigious submarkets for <a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/ny\/manhattan\/\" target=\"_blank\" rel=\"noreferrer noopener\">office space in Manhattan<\/a> \u2014 the Plaza District and SoHo \u2014 with asking prices of $104.29 and $94.86 yearly per square foot, respectively. One other Manhattan submarket \u2014 Times Square\/Hell\u2019s Kitchen \u2014 also made the top 10.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"42_of_50_Most_Expensive_Submarkets_Are_in_California_or_New_York\"><\/span>42 of 50 Most Expensive Submarkets Are in California or New York<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Similarly, the top 50 was also mostly a showdown between Silicon Valley and Manhattan. Specifically, 13 New York state submarkets were among the top 50 most expensive. Notably, all of them are in Manhattan, with the exception of Brooklyn\u2019s Navy Yard\/Fort Greene\/Clinton Hill submarket at #39 and Brooklyn Heights at #47.<\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"aa94a41d-1461-4eee-ade5-37ce20d22b22\" data-type=\"interactive\" data-title=\"Visual 3 II CS Submarkets NY Desktop\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<p>Meanwhile, of California\u2019s 29 entries, 14 are in the San Francisco office market, nine are in the Bay Area and six are in Los Angeles. The Bay Area\u2019s most expensive submarket was Palo Alto at #4 with an average of $92.90 per square foot, while Beverly Hills was the most expensive LA submarket with an average asking rent of $70.57 \u2014 landing it in the 19th spot.<\/p>\n\n\n\n<div class=\"infogram-embed\" data-id=\"a91d12dd-cae6-42cc-805d-131ec953574e\" data-type=\"interactive\" data-title=\"Visual 2 II CS submarkets CA Desktop\"><\/div><script>!function(e,i,n,s){var t=\"InfogramEmbeds\",d=e.getElementsByTagName(\"script\")[0];if(window[t]&&window[t].initialized)window[t].process&&window[t].process();else if(!e.getElementById(n)){var o=e.createElement(\"script\");o.async=1,o.id=n,o.src=\"https:\/\/e.infogram.com\/js\/dist\/embed-loader-min.js\",d.parentNode.insertBefore(o,d)}}(document,0,\"infogram-async\");<\/script>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Boston_Home_to_Most_Expensive_Submarket_Outside_California_NYC\"><\/span>Boston Home to Most Expensive Submarket Outside California &amp; NYC<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>California and New York were also home to almost all of the 30 most expensive submarkets. The only\u00a0 exception was the Cambridge submarket \u2014 the most expensive location for <a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/ma\/boston\/\" target=\"_blank\" rel=\"noreferrer noopener\">Boston office space<\/a> \u2014where rents averaged $73.73 per square foot, bringing it into the #15 spot. One other Massachusetts submarket also made the ranking: Downtown Boston finished in 31st place with an average asking rent of $64.66 per square foot.<\/p>\n\n\n\n<p>Submarkets in the Washington, D.C. metro that made the top 50 included NoMa at #35, East End at #43 and Seventh Street Corridor at #49. Average rent costs for <a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/dc\/washington\/\" target=\"_blank\" rel=\"noreferrer noopener\">D.C. office space<\/a> in NoMa were $62.47 yearly per square foot in Q4 2020, while average rents in East End and Seventh Street Corridor were $59.30 and $58.42, respectively.<\/p>\n\n\n\n<p>Two Texas submarkets \u2014 both in Austin \u2014 also made the list: East Austin claimed the 40th spot, while downtown Austin came in 46th, with average asking rents of $60.60 and $58.81, respectively. The city&#8217;s status as an increasingly popular tech hub benefiting from population influx from other metros helped drive demand for <a href=\"https:\/\/www.propertyshark.com\/cre\/office\/us\/tx\/austin\/\" target=\"_blank\" rel=\"noreferrer noopener\">offices in Austin<\/a>.<\/p>\n\n\n\n<p>The top 50 was rounded out by Florida&#8217;s Brickell submarket, a rapidly growing Miami neighborhood with an average rent price of $58 per square foot.<\/p>\n\n\n\n<p>For more details and the complete methodology, read <a href=\"https:\/\/www.commercialsearch.com\/blog\/50-most-expensive-u-s-office-submarkets-q4-2020\/\" target=\"_blank\" rel=\"noreferrer noopener\">CommercialSearch\u2019s most expensive submarkets study<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A recent study highlighted the 50 most expensive submarkets for office space, finding that most are concentrated in select markets in California and New York.<\/p>\n","protected":false},"author":71,"featured_media":39896,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[11119,8283],"tags":[494,11171],"class_list":["post-39888","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commercial-real-estate","category-national","tag-commercial-real-estate","tag-old-study"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Here Are the Areas With the Most Expensive Office Space Rents<\/title>\n<meta name=\"description\" content=\"A recent study looked into the most expensive submarkets for office space, finding they are mostly concentrated around California and NYC.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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With deep expertise in industrial real estate, office markets, demographics, and economics, he produces comprehensive market studies and insights on national and regional CRE trends. He also reports on adjacent subjects such as population shifts and the job market. His reports have been cited by and featured in The New York Times, Forbes, NBC, Bisnow, The Business Journals, and Yahoo Finance. Lucian holds a background in language and literature studies and brings more than 5 years of previous freelance writing experience to his commercial real estate journalism.","jobTitle":"Senior Content Writer, CRE Industry Reports & Studies","url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/author\/lucian-alixandrescu\/"}]}},"jetpack_featured_media_url":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-content\/uploads\/sites\/98\/2021\/04\/san-francisco-and-bay-area-skyline-featured-image-none-style.jpg","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/39888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/users\/71"}],"replies":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/comments?post=39888"}],"version-history":[{"count":5,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/39888\/revisions"}],"predecessor-version":[{"id":39899,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/posts\/39888\/revisions\/39899"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media\/39896"}],"wp:attachment":[{"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/media?parent=39888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/categories?post=39888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.propertyshark.com\/Real-Estate-Reports\/wp-json\/wp\/v2\/tags?post=39888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}