Where is the Most Affordable Office Space?
Where is the most affordable office space in the U.S.? According to a new research report published this week by a California-based CBRE Group Inc., Albuquerque, New Mexico has the most affordable lease rates for office space.
The report found that the charming southwestern city took the number one spot for rent prices, coming in at $15.59 per square foot. Louisville, Kentucky came in second with an average office space lease rate of $17.58 per square foot in the first quarter of this year. Cleveland, Ohio came in third with an average office space lease rate of $18.29. The top five cities also included St. Louis at $18.49 per square foot and Milwaukee at $18.50 per square foot for an office space.
According to reports from Albuquerque Business First, the demand for large office space is projected to remain strong throughout the rest of 2018, with a focus on education and business service industries. Vacant space in Class A buildings, which are considered the most desirable office spaces, remain at a record low for the first quarter of 2018 according to Albuquerque Business First. On the other end of the spectrum in office space costs, the most expensive cities included San Francisco, New York and Washington, D.C.
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