The Office Network, the US commercial brokerage grouping which last year joined the international set when Muller International became members, have just published their survey of 32 major office markets in Europe, the USA and Canada.
And, according to the survey, European cities boast the lowest vacancy levels along with both the highest and lowest occupation costs.
Vacancy rates in central business districts range from as little as 0.5% in Munich to a high of 7.8% in Cologne. In comparison, the lowest level of CBD office vacancy among North American centres is the 7.3% recorded for Midtown Manhattan, while the peak is reached in the San Diego CBD, with a vacancy level of 25.7%.
Where cost is concerned, the cheapest CBD is in Cologne, with an average $10.50 a sq ft. At the other extreme, London comes through as far and away the most expensive centre, with a total of rent and operating costs averaging $87.97 a sq ft.
The nearest rival to London is Midtown Manhattan, where total average office costs are put at $38.98 a sq ft, while the cheapest of the US centres surveyed is Charlotte, NC, with CBD occupancy costs of just $14.35 a sq ft.
