If you are planning to construct a new office building, many factors come into play. Those factors include the characteristics of the location, and of course, construction and operating costs. Depending on your objectives, the possibility of central business districts may be on your list of considerations.
What are Central Business Districts?
Central business districts function as the commercial and business centers of cities. They are usually thought of as a city’s “financial district,” often termed the “city center” and even referred to as “downtown.” It is clearly the focal point of a city; usually the commercial, office, retail and cultural center and often the center of transportation systems. Because of these “center points,” the most valuable real estate is found in central business districts.
Why Select Central Business Districts?
Even though space comes at a premium in central business districts, there are key reasons for constructing there:
- Visibility and credibility of location. Locating here suggests that your business has “arrived,” that you have stature and stability; that you are worthy of trust.
- Your business will be at the center of activity for customers, transportation, suppliers, legal and financial advisors, etc.
- You will have more ready access to what is taking place in the market and what is going on among your competitors.
- The advantages of infrastructure. Your building may have better access to amenities and services that will make your business more attractive to both customers and employees.
U.S. Central Business Districts with the Most Expensive Office Buildings
Costs for office buildings are based on several criteria:
- Operating Expenses, including utilities, repairs, and maintenance, roads and grounds, cleaning, administration, and security. On these criteria, the most expensive cities are:
- New York City, NY
- San Francisco, CA
- Washington D.C.
Rental Rates for Class A office space:
- New York City, NY
- Washington D.C.
- Boston, MA
Construction Costs based on price per square foot. The highest costs are found in New York City, San Francisco, and Washington D.C.. Driven by popularity, Seattle, Charlotte and Nashville have become hot spots for construction.
Seek Commercial Construction You Can Count On
Contact Carolina Services Inc., based in Charleston, SC, a full-service construction company offering expert commercial construction, maintenance and repair, space planning and tenant fit-ups. Build a better business: quality craftsmanship, timely construction and accurate budgets.
