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Data: CommercialSearch; Chart: Axios Visuals

Of the 50 most expensive places to rent office space, 29 are in California and 13 are in New York — with the Bay Area, Manhattan and Brooklyn dominating the list.

Why it matters: Despite predictions of pandemic-related shakeups in commercial real estate — and the fact that so many cubicle dwellers are working at home — desirable urban office space remains at a premium.

Driving the news: A ranking based on 4Q 2020 numbers from CommercialEdge, a property data and listings service, was topped by Menlo Park, California (home to Facebook's headquarters) and the so-called "Plaza District" of midtown Manhattan.

  • Only five states — California, New York, Massachusetts, Texas and Florida — plus the District of Columbia were represented on the list.

The details: The most expensive place that was not in New York or California — at #15 — was Cambridge, Mass.

  • Downtown Boston came in at #31.
  • The "NoMa" area of Washington, D.C. (north of Massachusetts Avenue) was #35.
  • East Austin was #40, while downtown Austin was #46.
  • #50 was Miami's Brickell district.

The data — which includes only spaces of 25,000 square feet or more — represents the "asking rents" for offices.

What's next: Moody's Analytics predicts that effective office rents in Silicon Valley and New York will plummet in 2021, despite only dropping 0.7% in 2020.

  • The vacancy rate will rise to 19.4% in 2021 — surpassing the previous high of 17.6% from 2010 — and hold steady in 2022, per Moody's.
  • "The average effective office rent is projected to decline by 7.5% in 2021 before steadying in 2022," Moody's said.
  • "We do not expect average effective office rents to reach their pre-pandemic levels until 2026."

Go deeper

1 hour ago - Health

Biden says it's "not the time to relax" after touring vaccination site

President Biden speaking after visiting a FEMA Covid-19 vaccination facility in Houston on Feb. 26. Photo: Mandel Ngan/AFP via Getty Images

President Biden said Friday that "it's not the time to relax" coronavirus mitigation efforts and warned that the number of cases and hospitalizations could rise again as new variants of the virus emerge.

Why it matters: Biden, who made the remarks after touring a vaccination site in Houston, echoed CDC director Rochelle Walensky, who said earlier on Friday that while the U.S. has seen a recent drop in cases and hospitalizations, "these declines follow the highest peak we have experienced in the pandemic."

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Annelise Capossela/Axios

  1. Health: Most COVID-19 survivors can weather risk of reinfection, study says — "Twindemic" averted as flu reports plummet amid coronavirus crisis
  2. Vaccine: FDA advisory panel endorses J&J COVID vaccine for emergency use — About 20% of U.S. adults have received first vaccine dose, White House says — New data reignites the debate over coronavirus vaccine strategy.
  3. Economy: What's really going on with the labor market.
  4. Local: All adult Minnesotans will likely be eligible for COVID-19 vaccine by summer — Another wealthy Florida community receives special access to COVID-19 vaccine.
  5. Sports: Poll weighs impact of athlete vaccination.

The week markets went wild

Illustration: Lazaro Gamio

The markets just closed out a manic week.

Why it matters: Outsized — and in some cases historic — moves were evident across the board.