Rio de Janeiro now more expensive than New York

We’ve been feeling it more each month, but now it’s official: Rio is now more expensive than New York City. A study completed by the global real estate firm Cushman and Wakefield found recently that rents for office space in Rio de Janeiro are now the 4th-most expensive in the world, ahead of New York City, Paris, Mumbai and Milan. Rents in Rio increased 47 percent last year to $120 per square foot, the costliest in the Americas. It’s not just office rent either. Last year, another study found the cost of food, drinks, entertainment and household items in Rio eclipsed those in New York City, too. For the top three costliest cities for office rent, read on.

With office space priced at $166 per square foot, Tokyo is number three. London is in second place at $233 and the priciest is Hong Kong at $241 per square foot.