The offices I work out of in a suburb of DFW are >$20/sqft and its not really that fancy of an office building. My wife works commercial property management in the suburbs of DFW, most of the properties she manages have rents >$30/sqft. And real estate is considered cheap in Texas!
Where I live and work, the average cost of high-quality office space is around $5/sqft (the average cost overall is $2). And no, I don't live in the boonies. I live in a city with a considerable tech presence.
Even cities like Cincinnati or Huntsville are nearly $20/sqft average for rent, $5/sqft for an office space in a city is seems absurdly cheap in the US. Its extremely outside the norm for most offices in the US.
Average cost $2?! You must be thinking monthly, not yearly. Most of the time you hear commercial $/sqft it's the yearly rate, as 5 year leases are pretty common in commerical leases while extraordinary rare in residential.
To put that number into perspective for those used to thinking residential leases, that would mean a 900sqft apartment would rent for $150/mo. Normally commercial leases are slightly more expensive per square foot in literally every market I've ever looked at.
Please, do tell me market in the US where I can rent a 2,000sqft apartment for $333/mo and live in a decent metro area.
Ah, that's where the disconnect is. $2/sqft/mo works out to $24/mo yearly (obviously) which is definitely more in line with the numbers I was talking before. ~$20/mo seems to make sense to me, much higher than that and I just don't understand paying those rates. There's plenty of wonderful places to live and work with commercial real estate in the $20's.
https://www.commercialcafe.com/office-market-trends/us/ca/sa...