Many people, a lot of them New Yorkers, consider the city the de facto capital of the world, what with Wall Street, the United Nations HQ and the best multinational cuisine anywhere. It's also the worldwide capital of construction cost. The Real Deal New York reports:
Though construction spending cooled slightly last year, New York City remains the most expensive place to build in the world with an average cost of $362 per square foot.
That’s a 3.5 percent year-over-year increase, and another 3.5 percent hike is expected in 2018, according to Turner & Townsend’s 2018 International Construction Market Survey.
San Francisco closely followed New York with an average cost of $347 per square foot, and Hong Kong ranked third with $344 per square foot.
In New York, high-rise office buildings were among the priciest to build at an average $565 per square foot. High-rise apartment buildings cost an average $302 per square foot.
