October 10, 2003—New York City, Boston and San Francisco reported the highest total income per square foot of rentable office space for downtown markets according to BOMAs Experience Exchange Report 2003. Boston reported a 2.8 percent increase in their total income per rentable square foot in 2002 ( $42.63 in comparison with $41.44 reported last year).
In New York, the income per rentable square foot increased by almost 11% in 2002 ($48.01 vs. $42.87 in 2001). As these numbers indicate, New York seems poised for a full-fledged recovery after the slow down immediately after 9/11. Downtown buildings in San Francisco, however, reported an income of $39.00 per square foot in 2002 vs. $39.51 in 2001, a decrease of one percent. A contributing factor may have been a decline in software related jobs in California in the past year.
To order the Experience Exchange Report (EER), call 800/426-6292. To check out a detailed description of the EER contact BOMA.
