London’s West End remains the world’s most expensive office market. Hong Kong Central Business District has risen to second place pushing Tokyo’s Inner Central to Third Place. Mumbai i now in fourth position on the list while Moscow remains in fifth. ( Credit CBRE)
According to Dr. Raymond Torto, the CRBE’s Global Chief Economist, currency fluctuations play a big role with regard to where the markets rank in the top 10 for office costs, However , the ” most expensive club” still includes the usual names, London, Hong Kong and Tokyo.
Research also found that on a year over year basis, global occupancy costs are searching for a bottom, with the markets revealing a collective drop of -4.6% worldwide over the 12 month period ending March 31, 2010.
Latin America , led by Brazil was the only region to show an increase in occupancy costs.
North America is led by Midtown New York, which posted an office occupancy cost of US $64.51 per square foot. while office occupancy costs in New York are high for the USA, that market ranked just 26th globally.
The top 5 markets that increased are:
1. Rio de Janeiro, Brazil +17.7%
2. Sao Paulo, Brazil +15.9%
3. Tel Aviv, Israel +13.8%
4. San Salvador, El Salvador +10.2%
5. Seoul, South Korea +9.5%
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