Businesses are paying real big for space in the Big Apple.
Manhattan came in first among U.S. cities for commercial real estate price by square foot and volume according to data analysis by the business group Transwestern and the property research firm Real Capital Analytics.
The borough’s office space sold for an average of $770 per square foot, 40% more than Washington D.C., which had an average price of $548 per square foot.
Manhattan also led in volume with $11.2 billion, and had a $6.1 billion lead on Los Angeles according to the survey, which looked at data from the beginning of the year to July 31.
Michael Slattery, a senior vice president at the Real Estate Board of New York, said the market is driven in no small part by the fact that huge firms want to move to Manhattan.
