For the first time in history office space in Rio de Janiero has beat out rental prices in New York City, making it the most expensive in the Americas.
In global terms Rio ranks fourth for prime office rentals after third place Hong Kong. Tokyo with $1,827 per square meter continues in the number one spot.
Rio office rental prices went up by 47 percent to $1,321 per square meter compared to $1,260 for midtown Manhattan last year. This is the first time any South American country has the most expensive office rent. Brazil’s 7.5 per cent economic growth provided a great boost to office rental pricing.
The bad news is that prices are becoming unaffordable for small to mid-size firms in the country.