London’s West End has topped the list of the most expensive office space once again, according to CBRE’s Global Market Rents survey.
Office space occupancy costs and occupancy cost growth were tracked in this report over a 12 month period that ended 31 March 2008.
“Office occupancy costs are continuing to defy sluggish economic conditions and the credit crunch, as they rise faster than global inflation,” said Dr. Raymond Torto, CBRE’s Global Chief Economist.
Following London’s West End in this list of the Top 10 most expensive office spaces were Moscow, Tokyo, Mumbai, New Delhi and Paris. Singapore and Dubai were new additions to the Top 10, ranking at positions 9 and 10 respectively.
Dr. Torto continued: “These cost increases are dominated by emerging markets, caused by both supply and demand imbalance and the depreciation of the dollar relative to local currencies. In some of these emerging markets, Class A office space is seriously lacking.”
Tags: CBRE, Global Market Rents survey