The Building Owners and Management Association 2012 Experience Exchange Report reveals the most and least expensive real estate markets in the U.S. for those looking for commercial space.
No big surprise that New York City, San Francisco, Boston and Washington, DC, finished in the top five for highest facility operating expenses and most expensive commercial-property rentals.
So where are the bargains? The five least expensive markets for total operating expenses, shown in cost per square foot, are:
1. Jackson, MS ($4.71 psf)
2. Fresno, CA ($4.78)
3. Salt Lake City ($5.01)
4.Virginia Beach, VA ($5.11), and
5. Shreveport, LA ($6.17).
And the five least expensive markets, per square foot, for total rental income:
1. Shreveport, LA ($11.76)
2.Dayton, OH ($11.79)
3.Harrisburg, PA ($13.41)
4. St. Louis ($15.35), and
5. Nashville, TN ($15.54).