Brazilian #realestate boom: office rents in Rio overtake New York
In a recent study done by real estate adviser Cushman & Wakefield Inc. it was found that New York is no longer the most expensive prime office market in the Americas, overtaken for the first time by Rio de Janeiro.
The annual cost of renting a square foot of prime office space in Rio rose 47% last year to $120, or $5 more than in Midtown Manhattan. Rio de Janeiro advanced to 4th from 13th in a global ranking of prime office markets, coming after Hong Kong, London and Tokyo.
This is just another example of how Brazil’s property values and demand are among the fastest growing in the world. With the Olympics and World Cup heading that way, Brazil’s real estate market is sure to remain strong.
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