World’s Most Expensive Office Markets

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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