Midtown is the most expensive office market in the U.S. and North America, ranking third globally behind London’s West End and Hong Kong, according to Savills.

Midtown Manhattan’s average net effective cost hit $206.67 per square foot, up 9% from last quarter, including rent, incentives, and fit-out expenses. London’s West End leads at $277.55, while Hong Kong dropped to $230.39.

Downtown Manhattan ranks fourth in the U.S. at $91.88 per square foot, with San Francisco and Century City in between. Nearly half of the 35 global markets tracked saw costs rise due to higher rents and fit-out expenses.

Savills expects rents and leasing volumes to grow through 2025, pushing net effective costs even higher.

(source: therealdeal.com, picture: Anthony Rosset)