The recently released International Construction Costs report, published by Arcadis, details the relative cost of building in 44 of the world’s major cities across 13 building types.
As part of the report, the top 10 most expensive cities in the world to build in are outlined, and a U.S. city is at the top of the list. New York led the way among all cities for construction costs, according to the report.
“New York rises to the top globally once again due to a lack of real estate availability, accessibility issues, and high real estate prices,” says David Hudd, Arcadis Cost and Commercial Director, in a release. ‘To build in such a dense urban environment like New York City, you must find solutions to control costs, such as expertly handling storage, transport and staging of building materials, identifying skilled construction firms and labor far in advance, and implementing modularized construction.”
New York isn’t showing any signs of slowing down either in terms of construction costs. The city is expected to remain the most expensive to build in into 2017 and beyond as large-scale construction projects and international investors drive development. The Big Apple is almost 50% more expensive to build in than the national average and is even 20% higher than other major and expensive cities such as Chicago, Los Angeles, Seattle, and Boston.
For the U.S., San Francisco is the second most expensive city to build in because of its cramped environment, rigorous seismic requirements, and competition for contractors.
In terms of worldwide construction costs, Hong Kong is in second place, followed by Geneva, London, and Macau. The entire top 10 list is as follows:
- New York
- Hong Kong
- Geneva
- London
- Macau
- Copenhagen
- Stockholm
- Frankfurt
- Paris
- Vienna
For the full report, click here.
Related Stories
Market Data | Nov 27, 2023
Number of employees returning to the office varies significantly by city
While the return-to-the-office trend is felt across the country, the percentage of employees moving back to their offices varies significantly according to geography, according to Eptura’s Q3 Workplace Index.
Resiliency | Nov 27, 2023
All levels of government need to act to cope with climate-driven flooding and sea level rise
The latest National Climate Assessment highlights the need for local, state, and federal governments to adopt policies to mitigate the effects of climate-driven flooding and sea level rise, according to a policy expert with the National Resources Defense Council.
Contractors | Nov 27, 2023
A Minnesota GC offers workers Wellness Pods as a mental health option
A maternal need sparked this idea for Gardner Builders.
Cultural Facilities | Nov 21, 2023
Arizona’s Water Education Center will teach visitors about water conservation and reuse strategies
Phoenix-based architecture firm Jones Studio will design the Water Education Center for Central Arizona Project (CAP)—a 336-mile aqueduct system that delivers Colorado River water to almost 6 million people, more than 80% of the state’s population. The Center will allow the public to explore CAP’s history, operations, and impact on Arizona.
MFPRO+ News | Nov 21, 2023
California building electrification laws could prompt more evictions and rent increases
California laws requiring apartment owners to ditch appliances that use fossil fuels could prompt more evictions and rent increases in the state, according to a report from the nonprofit Strategic Actions for a Just Economy. The law could spur more evictions if landlords undertake major renovations to comply with the electrification rule.
Codes and Standards | Nov 21, 2023
Austin becomes largest U.S. city to waive minimum parking requirements
Austin, Texas recently became the largest city in the United States to stop requiring new developments to set a minimum amount of parking. The Austin City Council voted 8-2 earlier this month to eliminate parking requirements in an effort to fight climate change and spur more housing construction as Texas’s capitol grapples with a housing affordability crisis.
MFPRO+ News | Nov 21, 2023
Underused strip malls offer great potential for conversions to residential use
Replacing moribund strip malls with multifamily housing could make a notable dent in the housing shortage and revitalize under-used properties across the country, according to a report from housing nonprofit Enterprise Community Partners.
Giants 400 | Nov 16, 2023
Top 80 Science + Technology Facility Construction Firms for 2023
DPR Construction, Austin Industries, Whiting-Turner, and Gilbane top BD+C's ranking of the nation's largest science and technology (S+T) facility general contractors and construction management (CM) firms for 2023, as reported in Building Design+Construction's 2023 Giants 400 Report. Note: This ranking factors revenue from all science and technology (S+T) buildings work, including laboratories, research buildings, technology/innovation buildings, pharmaceutical production facilities, and semiconductor production facilities.
Retail Centers | Nov 15, 2023
Should retail developers avoid high crime areas?
For retailers resolute to operating in high crime areas, design elements exist to mitigate losses and potentially deter criminal behavior.
Contractors | Nov 15, 2023
Clune Construction expands Southwest reach with launch of Phoenix office
Clune Construction (Clune) is pleased to announce its newest location in Phoenix, marking another milestone in their national growth. The official move comes after several years of sustained success in the Phoenix region.