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Tokyo as the world’s the most expensive office market

The top three places in the world’s most expensive office markets ranking were again taken by previous leaders, with Tokyo being promoted from the second position to the first.

Previous leaders again took the top three places in the world’s most expensive office markets ranking, with Tokyo being promoted from the second position to the first. – as we read in the Cushman & Wakegield report.

The overall cost of office space in Tokyo (the highest rents and service charges) amounted to 1441 EUR/sqm/Year (190 USD/sqm/year). West End, London was promoted from the third place to the second, with a tenancy cost at the level of 1220 EUR/sqm/year (161 USD/sqm/year), while Hong Kong fell from the first place to the third with the overall tenancy cost at the level of 1207 EUR/sqm/rok (160 USD/sqm/rok). The highest leap in this survey belongs to Rio de Janeiro, Brazil, which was promoted from no. 23 to no. 13, at the same time experiencing both a slight decline in rents and theReal’s growth rate in comparison to Euro. Another locations, which have experience the leap, are Seul, South Korea and Sydney, Australia – respectively from no. 27 to no. 14 and from no.29 to no. 29, which an increase of the highest rent rates. – informs Cushman & Wakefield. 

Not all markets were uniformly affected by the global downturn. Santiago, Chile has experienced an increase in rental rates for office space by 28 percent as a consequence of the lack of high-quality space and strong demand.

The ranking have also reflected smaller jumps in such cities as Jakarta, Indonesia, Miami in the USA, and Cape Town, South Africa. In the case of the last mentioned city the organisation of the 2010 FIFA World Cup contributed to the short-term increase in demand.

 


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