PropertyShark released a report on the most expensive office submarkets of 2021, with one Manhattan neighborhood coming in third.
The most expensive office submarkets spread across Boston, Los Angeles, New York City, the Bay Area and Chicago.
Manhattan’s Chelsea submarket reached third out of 100 of the most expensive office submarkets with an average sale price of $1,046 per square foot of office space. The Plaza District office space ranked fifth for an average of $846 per square foot.
In Greenwich Village, the most expensive Manhattan office space sale, at 860 Washington, cost Meadows Partners $2,134 per square foot last year. The Village did not make the list because it had less than three transactions last year, though this was the most expensive Manhattan office space transaction.
For comparison, the average price per square foot for office space nationwide was $237 in 2021. Coming in first was Cambridge, Mass., with an average price of $1,560 per square foot of office space.
Click here to read the full report.
