February 26, 2007—London’s West End district retains its title as the world’s most expensive office location in this year’s edition of Office Space Across the World, a global report on office occupancy costs produced by real estate services firm Cushman & Wakefield.
One square meter of prime office space in London’s West End costs €2,009 a year for companies to occupy. This is 35 per cent higher than the occupancy costs in Tokyo, at €1,493, which this year has overtaken Hong Kong (€1,448) to take second place, according to the survey.
Office Space Across the World compares office occupancy costs in 211 key locations in 51 countries around the world. Of those locations, 94 per cent recorded positive or stable annual growth and 6 per cent experienced a decline in rents.
The Indian city of Mumbai is the joint biggest riser in the ranking, together with Dublin. Mumbai goes up six places to 5th, with annual occupancy costs at €981 per square meter.
The Irish capital of Dublin goes up six places to reach the No 6 position, with occupancy costs at €823 in the prime central districts of Dublin 2 and Dublin 4, both south of the river Liffey.
Cushman & Wakefield is aprivately held real estate services firm. For more information, see the Web site.
