West End: The WorldΓÇÖs Most Expensive Office Location
The West End in London has retained its position as the most expensive office location in the world, despite the rapid rise in office space occupancy costs within Hong KongΓÇÖs Central Business District according to commercial property firm CB Richard Ellis.
Having seen a 34.2% increase in occupancy costs, the Hong Kong CBD recorded the fastest rise in year-over-year occupancy costs of any of the office space markets featured in the research ΓÇô cementing its 2nd position and leading the dominance of the Asian office markets in the top 10.
Tracking occupancy costs for prime, grade ΓÇÿAΓÇÖ office space across 175 cities worldwide, the Global Office Rents Survey is produced semi-annually, with the overall findings of the report pointing toward occupancy cost beginning to find their ΓÇ£cyclicalΓÇ¥ lows worldwide.
Additional markets highlighted in the research as having posted notable gains include the City of London, Sao Paulo, Paris, Shanghai and Washington D.C ΓÇô while Perth, the home of officebroker.comΓÇÖs Asia-Pacific Division, proved to be the most expensive office space market within the Pacific Region.