In addition to being the home of the largest city in the United States New York is also the highest U.S. commercial real estate market. According to a report compiled by the Building Owners and Managers Association New York had a total rental income of $48.27 per square foot in 2010. The figure was reached by looking at nearly 940 million square feet of commercial office space in more than 6,500 buildings in 278 different markets.
They city also has the most expensive operating and fixed expenses in the country at $21.44 per square foot. The reports states that operating expenses include repairs, maintenance and utilities while fixed expenses is a roundup of property and real estate taxes as well as insurance.
To stay abreast of what’s going in throughout the world of commercial real estate subscribe to our blog and receive our posts directly in your email inbox.
Source: The Real Deal
Image from flickr via dvpfagan
