Cushman & Wakefield prepared its annual report Office Space Across the World 2005 according to which London took the first place in ranking of the worlds most expensive office locations with an average office rent of €1,636 per m² per year.
Hong Kong is in second place, at €1,200 followed by Tokyo, Paris and Moscow with €1,009.
The cost of occupying office space in the worlds top locations went up by 4.3% last year a healthy performance compared with the 1.2 per cent growth in last years ranking and above the global economic growth rate of 3.3%, says Elaine Rossall, Head of Business Space Research & Consultancy, Cushman & Wakefield Healey & Baker, the European division of Cushman & Wakefield.
Office Space Across the World report compares office occupancy costs in 215 key locations based in 54 countries around the world. Of those locations, 51 percent recorded positive annual growth, 32 percent were stable and only 17% experienced a decline.
Source: Cushman & Wakefield