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
AGC: No recovery yet for construction industry as latest figures show double-digit drops in spending compared to last year
The construction industry continues to suffer from significant declines in privately-funded construction investments, with new federal figures showing private construction investments declined by 20.6 percent between September 2008 and September 2009. The new Census Bureau figures show there’s no sign of an economic recovery yet for the nation’s construction industry, the Associated General Contractors of America noted today.
| Aug 11, 2010
Casino Queen breaks ground on $2.15 million entertainment venue
The Casino Queen in East St. Louis, Ill., is raising the stakes in its bid to capture a larger share of the local gaming market with the start of construction on a new $2.15 million sports bar and entertainment venue that will enhance the overall experience for guests.
| Aug 11, 2010
Construction employment declines in 49 states & D.C. in September compared to last year
Construction employment again declined in large numbers in all but one state this September compared to last year according to an analysis of new state-by-state employment figures released today by the federal government.
| Aug 11, 2010
Outdated office tower becomes Nashville’s newest boutique hotel
A 1960s office tower in Nashville, Tenn., has been converted into a 248-room, four-star boutique hotel. Designed by Earl Swensson Associates, with PowerStrip Studio as interior designer, the newly converted Hutton Hotel features 54 suites, two penthouse apartments, 13,600 sf of meeting space, and seven “cardio” rooms.
| Aug 11, 2010
HDR, Perkins+Will top BD+C's ranking of the nation's 100 largest healthcare design firms
A ranking of the Top 100 Healthcare 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
U.S. Green Building Council's new headquarters earns LEED Platinum
The U.S. Green Building Council (USGBC) is proud to announce the Platinum certification of its new Washington, D.C. headquarters – making it the first project to certify under the latest version of the LEED green building rating system.
| Aug 11, 2010
Steel Joist Institute announces 2009 Design Awards
The Steel Joist Institute is now accepting entries for its 2009 Design Awards. The winning entries will be announced in November 2009 and the company with the winning project in each category will be awarded a $2,000 scholarship in its name to a school of its choice for an engineering student.
