US Office Affordability: How Much Space Can You Rent for $120k/Year?
Originally published on January 23, 2024, by Ioana Ginsac for NAIOP.
As the office sector transforms in response to evolving work trends and the flight-to-quality movement, businesses continue to seek the best office spaces that can suit both their needs and their budgets. For most, the perfect choice may lie in a compromise between location clout and asset quality.
Leveraging recent CommercialEdge data on average asking rents in 160 U.S. markets, CommercialCafe explored several approaches to how much office space a hypothetical yearly budget of $120,000 (or $10,000 per month) could rent.
PRIORITIZING LOCATION: BALANCING THE BUDGET IN THE LARGEST US CITIES
First, the analysis looked at what footprint options rose to the top when prioritizing location. Specifically, the CommercialCafe report started by delving into how much office space that hypothetical budget could rent in the 50 largest U.S. cities out of the total 160 markets that were surveyed.