For the first time in nine years London has lost its status as the world’s most expensive office location.
According to Cushman & Wakefield’s report Office Space across the World 2009, Hong Kong and Tokyo are now the world’s two most expensive locations, with London third.
The report found that London’s decline in the ranks was owing to a 23% drop in rent in the West End – which now stands at €1,403 per m2 – and the influence of currency fluctuations on property values.
The cost of occupying a prime square metre of office in Hong Kong now stands at €1,743, despite a 4% fall in rent, followed by Tokyo, where office space costs €1,649 per m2. Dublin also suffered in the 2009 ranks, falling out of the top 10 for the first time in three years, to 15th place. It was replaced in 8th position by new entrant Damascus, Syria. New York’s Midtown held on to 10th position.
However, despite rental falls, the West End remains the most expensive location in Europe.
