The BizCosts report compares the cost of operating a typical corporate admin office in the US’ 50 largest metropolitan office markets.

The southern cities of Norfolk/Virginia Beach, Virginia; San Antonio, Texas; and Greensboro/Winston Salem/High Point, North Carolina come out as the least costly locations, with average total annual operating costs around $13m.

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At the opposite end of the spectrum, New York City, New York; Nassau/Suffolk, New York; and San Francisco, California are the most expensive with average annual operating costs of over $16.8m.

Other metropolitan areas included were Orlando, Florida ($13.7m); St Louis, Missouri, ($14.3m); Seattle, Washington, ($15.1); Boston, Massachusetts, ($15.7m); and San Jose, California, ($16.2m).

The report focuses on those key geographically-variable cost factors considered to be most pivotal within the site selection process, including labour, lease rates, utilities and travel.