San Francisco has overtaken Tokyo as the world’s most expensive city for construction, according to a new report from Turner & Townsend.
The cost for construction in San Francisco is $439.29 per square foot. North America had four markets in the top 10. New York City ranked fourth, Boston ranked eighth, and Los Angeles ranked ninth.
Cost increases in North America were due to the strengthening of the U.S. dollar, higher building material costs driven by supply chain disruptions, and high labor costs. The report found that 38.6% of markets surveyed were classified as “hot” (28.4%) or “overheating” (10.2%). These markets have conditions that risk acting as a brake on development. This is an increase of 10% over 2021, while the number of “cold” markets fell from six to one.
The rankings with the price per square foot, according to the report, are:
- San Francisco $439.29
- Tokyo $433.37
- Osaka, Japan $423.49
- New York City $419.67
- Geneva $402.47
- Zurich $398.16
- Hong Kong $393.58
- Boston $371.46
- Los Angeles $369.92
- London $363.23
Related Stories
| Aug 11, 2010
Reed Construction Data files corporate espionage lawsuit against McGraw-Hill Construction Dodge
Reed Construction Data (RCD), a leading construction information provider and a wholly-owned subsidiary of Reed Elsevier (NYSE:RUK, NYSE:ENL), today filed suit in federal court against McGraw-Hill Construction Dodge, a unit of The McGraw-Hill Companies, Inc. (NYSE:MHP). The suit charges that Dodge has unlawfully accessed confidential and trade secret information from RCD since 2002 by using a series of fake companies to pose as RCD customers.
| Aug 11, 2010
Jacobs, HOK top BD+C's ranking of the 75 largest state/local government design firms
A ranking of the Top 75 State/Local Government Design Firms based on Building Design+Construction's 2009 Giants 300 survey. For more Giants 300 rankings, visit http://www.BDCnetwork.com/Giants
| Aug 11, 2010
Brad Pitt’s foundation unveils 14 duplex designs for New Orleans’ Lower 9th Ward
Gehry Partners, William McDonough + Partners, and BNIM are among 14 architecture firms commissioned by Brad Pitt's Make It Right foundation to develop duplex housing concepts specifically for rebuilding the Lower 9th Ward in New Orleans. All 14 concepts were released yesterday.
| Aug 11, 2010
Gilbane's Fox Network Center earns National Excellence in Construction Award
Gilbane Building Company’s work on Fox Network Center in Houston, Texas, has earned the company an Eagle Award in the Commercial - $25-million - $100-million category of ABC’s Excellence in Construction Awards. Gilbane’s representatives received the award during the 19th annual Excellence in Construction Awards celebration.
| Aug 11, 2010
NAVFAC releases guidelines for sustainable reconstruction of Navy facilities
The guidelines provide specific guidance for installation commanders, assessment teams, estimators, programmers and building designers for identifying the sustainable opportunities, synergies, strategies, features and benefits for improving installations following a disaster instead of simply repairing or replacing them as they were prior to the disaster.