Rio de Janeiro Office Rents Overtake New York for First Time
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New York lost its crown as the most expensive prime office market in the Americas, overtaken for the first time by Rio de Janeiro, according to a study by real estate adviser Cushman & Wakefield Inc.
The annual cost of renting a square foot of prime office space in the Brazilian city rose 47 percent last year to $120, or $5 more than in Midtown Manhattan, the broker said in a statement today. Rio de Janeiro advanced to fourth from 13th in a global ranking of prime office markets, coming after Hong Kong, London and Tokyo, Cushman said.