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
Sponsored | Building Team | Nov 2, 2015
Recruiting for cultural fit
Hiring for culture fit doesn’t mean hiring people who are all the same
Building Team | Oct 28, 2015
Steven R. Zirkel named president of Metl-Span
Metl-Span announced that Steven R. Zirkel has joined the company as the new president. Metl-Span is an industry leader in providing insulated metal panel products for increasing usage in institutional, commercial, industrial and cold storage markets.
BIM and Information Technology | Sep 14, 2015
Is Apple's new iPad Pro a game changer for architects?
A stylus, split screen, and improved graphics make designing on the tablet easier.
Sponsored | Building Team | Aug 25, 2015
9 characteristics that distinguish leading A/E firms
By analyzing the “benchmark firms” selected from its annual surveys, PSMJ has identified several characteristics that distinguish top performers
Office Buildings | Aug 24, 2015
British company OpenDesk offers open-sourced office furniture
Offices can “download” their furniture to be made locally, anywhere.
Sponsored | BIM and Information Technology | Aug 20, 2015
Part II - Will BIM Work as a Deliverable? A Legal Perspective on BIM
Having the right counsel on your team can be the difference between long drawn-out negotiations and breaking new ground to meet the owner’s needs.
Sponsored | Building Team | Aug 20, 2015
Understanding the values and aspirations of millennials
A recent LinkedIn workplace survey revealed that millennials (defined as individuals aged 18–24) are quite different from boomers (those aged 55–65)
BIM and Information Technology | Aug 17, 2015
Reimagined cursors can change digital imaging
A University of Montreal professor has developed a system that elevates 2D cursors for a 3D world.
Building Team | Aug 17, 2015
One female contractor gets vocal about urging women to consider construction as a career
Doreen DiPolito of Florida’s D-Mar General Contracting thinks opportunities abound in an industry struggling with worker shortages.
Sponsored | Building Team | Aug 11, 2015
How to improve project planning
A recent research project revealed that more than 75 percent of project owners have no consistent method for assessing project risks and setting budget contingencies.
