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As of the first quarter of 2026, New York recorded the highest average construction costs for prime offices in the United States, at over *** U.S. dollars per square foot on average. In addition to the 541-meter One World Trade Center building, New York City also had some of the tallest skyscrapers in the United States.

What affects construction costs?

Location and topography have a big impact on construction costs, for example, earthquake-prone zones have more stringent building requirements, which will affect the cost of materials, supplies, and labor. Increased interest in sustainability has also prompted sustainable certification across the country, most noticeably as LEED-registered offices.

Slow growth of the office construction segment

The value of new private office construction in the U.S. has kept rising in the past years. This development has mainly been driven by an increase in data center construction, while the value of general office construction put in place has been on the decline. The changes in the way people work, with part of the workforce working from home at least part of their week might have hindered investment in office real estate.