The most expensive offices in the world

Hong Kong is the most expensive business location in the world. In Europe, an office building in the West End in London has the highest price.

CBRE has published the report Prime Office Occupancy Costs. According to the research conducted by the company, the central business district of Hong Kong is the most expensive business location in the world. For a sq.m. in this area, one needs to pay about 2011 EUR per year. At the second place, there is the West End in London, where the price for a sq.m. is 1780 EUR per year. The third position is held by Tokio, with costs amounting to 1508 EUR per year.

The survey was conducted in office buildings in 133 countries around the world. The top 50 positions are held by 19 locations in the area of Asia Pacific, 19 from Europe, Middle East and Africa (EMEA) and 12 from the area of both Americas. During the research, rent rates, exploitation rates, local taxes were taken into consideration, so were differences in the means of measuring the rented area.

Warsaw, being the most expensive office location in Poland, ranked in the 64th position (the 50th place in the previous ranking). The decrease of its place is related to a relatively slower increase of renting costs in comparison with other locations. In the Polish capital, costs have risen by 3%, whereas the highest grow has been noted in the region of Asia Pacific – 7,8%.

As Joanna Mroczek from CBRE says, at present, it is possible to talk about a stabilization of renting rates in Warsaw. Large amount of office space being built, and competition among developers, successfully constrain a possibility of sudden increases. However, this situation concerns  mostly locations outside the exact city centre. The highest rates are noted in buildings located in the central business area, near the UN Roundabout (Rondo ONZ), where relatively few new buildings are planned for the nearest future. Here, the pressure for renting rates is visible, also because of the strong demand for prestigious offices among services companies, in spite of the insecure economic situation.  

The report (in English) is available below.

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Tags: CBRE
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