Offices overlooking Central Park may not seem like they come very cheap. But compared with other major cities around the globe, offices in New York – and the rest of the U.S. – are a relative bargain, according to a new report out Wednesday from CBRE Group Inc.

The brokerage ranked occupancy costs in cities around the world. Those costs, which include rent as well as taxes and maintenance, were highest in London’s West End, coming out to $274 per square foot per year, followed by Hong Kong’s Central market with $251 per square...