L.A. Ranked 3rd in U.S. in Cost of Office Space

Los Angeles ranks third in the United States and 19th out of 70 cities worldwide in the cost of top-line office space, a real estate company reported Monday.

The average annual rental cost in Los Angeles is $29 per square foot, compared to $37 in Midtown Manhattan and $216 in Tokyo, according to a survey by Colliers International.

At the other end of the rent spectrum are Memphis, Tenn., and Columbia, S.C., where a square foot of office space can be had for $12, according to Colliers.

With a vacancy rate of 16%, Los Angeles ranked 47th internationally and 20th domestically in office occupancy. Tokyo topped the list, with more than 99% of its space occupied. Auckland, New Zealand, was at the bottom, with a 33% vacancy rate.