New research reveals that office space in the capital continues to hold the top spot for the most expensive office retail estate in the world, Finances.com reports.
According to CBRE's semi-annual Global Office Occupancy Costs Survey for 2014, London's West End remained the most expensive office market across the globe, with overall prime occupancy costs of around £175 per sq.ft. Hong Kong followed closely behind, with occupancy costs the equivalent of £160 per sq.ft.
Other locations in the top five of the list are -
- Beijing's Finance Street - £126 per sq. ft.
- Beijing's Central Business District - £120 per sq. ft.
- Moscow - £105 per sq. ft.
This does, of course, show that Asia still dominates the majority of the highest priced offices.
The study looked at 126 cities throughout the globe and found that of the 50 'most expensive' markets, Asia Pacific accounted for 20; the EMEA featured 20; and the final 10 were in the Americas.
Commenting on the findings, CBRE's global chief economist, Richard Barkham, said they expected the global economy to continue its recovery from financial crises and that the costs of prime office occupancy would reflect this. This is partly due to companies growing and hiring more staff, meaning the demand for space also grows - and occupiers are left with fewer options.
In terms of how this is likely to affect offices in the near future, Barkham predicts "Technology, quality and flexibility are expected to increasingly come into consideration in space use and location decisions, as occupiers will seek to contain costs and improve productivity."
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