London has retained its position as the world’s most expensive city for office space in this year’s edition of Business Space Across the World, produced by Cushman & Wakefield Healey & Baker (C&W/H&B), the European division of global real estate firm Cushman & Wakefield. London’s Heathrow area retains its title as the world’s most expensive location for industrial property. In second place, moving up one position, is Moscow.
Most expensive office location
The total cost of occupying one square metre of prime office space is €1,367 a year in London’s Mayfair district. This is 55 per cent more than the €878 in Paris, which overtakes Tokyo this year to be in second place, primarily on the back of the strength of the euro. Dublin joins the top ten for the first time, replacing Frankfurt.
Out of the world’s 202 top office locations monitored in 45 countries in the year to December 2003, rents (which form the largest proportion of total occupancy costs) fell in local currency terms by an average 3 per cent