In the Bay Area, it’s more like $60-120/sqft/yr, and that’s triple net. Add in 50-100% because you need walkways and such between offices, bathrooms, security, mail room, IT, and other common areas. Then add more for building operating expenses, property taxes, building insurance, and common area maintenance. Yes, in commercial leases the tenant pays the property taxes, because the leases are for multiple years.

So dedicated office space can be expensive.