March 9, 2005—London office space is the most expensive in the world, with Paris in second place, according to a recent survey by Cushman & Wakefield, the real estate services firm.
The cost of occupying one square foot of office space in London’s Mayfair district is $199 a year, compared with $120 in Paris’ central business district, a gap of 66 percent, which puts London well into the lead.
Tokyo is in third place and New York City is fourth, the survey found.
The 2005 edition of Cushman & Wakefield’s survey, Business Space Across the World, ranks the most expensive locations for occupying office space in 47 of the world’s leading countries. At year end 2004, office rents increased or were stable in local currency terms in two-thirds of the 210 locations monitored, compared with last year’s 50 percent.
For more on the report, visit the Cushman & Wakefield Web site.
