London, Shanghai Drop in Latest Global Survey of Urban Construction Costs
An annual survey, released on March 6 by consultant Arcadis, once again found New York City to be the world’s most expensive urban construction market, due to the availability and cost of real estate and site-access challenges. New York City costs are 50% above the U.S. average, the report says. On the 2017 list, which surveyed 44 global cities and 13 building types, London fell two places, to No. 4, largely due to the pound’s devaluation after the U.K.’s Brexit vote last June, says David Hudd, cost and commercial director. Other top-five high-cost cities are Hong Kong, Geneva and Macau. Auckland, N.Z. jumped to No. 13 on the list, while Shanghai fell to No. 35. “Effects of China’s continuing transition away from an investment-driven economy are having an impact on construction costs,” he adds.