West End Office Space Back on Top
The West End is back on top ΓÇô with Commercial Property Agents Knight Frank announcing that it has regained its crown as the worldΓÇÖs most expensive location in which to rent office space.
With a recovery in the financial sector fueling demand for office space in the West End, Knight Frank has reported a 31% increase in the rents being collected throughout this area of Central London ΓÇô with a cost of ┬ú85.00 per sq. ft. being registered by the property agency at the close of 2010.
This increase has led to the West End knocking Tokyo off the top-spot as the worldΓÇÖs most expensive city, with The Independent reporting that new requirements from the likes of Google and Apple were helping to boost demand.
“At the start of 2010, prime office rents were still falling in a significant number of the continent’s markets but by the end of the year, rents had either stabilised or begun to recover in most markets” stated the report.
“The central London office market has led the recovery in demand and rental values. Take-up improved strongly in 2010, largely as a result of increased demand from the financial sector. London saw the most dramatic rise in prime rents in Europe.”
Hong Kong and Moscow were listed as the third and fourth most expensive cities, with Singapore, Sydney and Mumbai also remaining within the top 10. The City of London, which had previously been shown as the twelfth most expensive city for office space, returned to the top 10 having climbed to seventh.