Altameroy Blog

CB Richard Ellis Global Office Rents recently published its survey report on office rent scenario across the world. The report pointed out that London tops the list of most expensive office space markets with the rents of around $183 per square foot in the West End office space, followed by Hong Kong’s Central Business District at about $153 per square foot.

The other toppers in the list prepared by the CBRE survey that charts the developments in the office space markets of 176 cities are Tokyo’s Inner Central, which goes for about $144 per square foot, Mumbai claiming the fourth position with $126 per square foot and Moscow at the fifth place with $125 per square foot.

What is more interesting is that desk space London is almost three times as expensive as the office space market of New York with the most expensive desk space, Midtown Manhattan asking for just over $65 per square foot. The city that had remained in the top ten of the list of most expensive office space markets for several years has been witnessing continuous decline for last three years and has ended up in 26th place this year. The decline has been attributed to the growing office space markets in Latin America, Middle East as well as Far East.

The report also pointed out that the global office rent scenario was quite depressing as the office rents were witnessing continuous fall reaching up to a drop of 4.6% this year. A huge majority of the office spaces under survey have witnessed a decline in the office rents.