West End becomes the most expensive place to rent office space | 22 February 2013
London’s West End has become the most expensive location in which to rent office space, according to new research.
Figures gathered by property broker Cushman & Wakefield show that the occupancy costs for West End property now averages £1,868 per square metre per year.
This puts it well ahead of Hong Kong’s central business district, which was previously ranked as the world’s most expensive spot for office space.
According to dailymail.co.uk, it’s the first time the West End has topped the charts since the financial crash in 2008. It has certainly remained a popular spot amongst property investors since then though.
Digby Flower, who is head of London markets at Cushman & Wakefield, has predicted that rents will get higher there as Britain claws its way out of recession.
Speaking to property-magazine.co.uk, he said: “As a truly global city, London’s appeal continues unabated. In conjunction with a scarcity of good quality stock, prime rents have increased over the year. Equally importantly, we expect rents to grow further as we get into recovery mode.”
Areas of Rio De Janeiro, New Delhi and Tokyo completed the top five most expensive locations. Although they have changed rankings, the entire top ten consisted of the same regions as last year.
The central business district in Almaty, Kazakhstan was ranked as the city with the largest annual prime rental growth last year.
The views expressed in this post are those of the author and are not necessarily those of Qube Global Software. All facts are verified where possible directly by the author
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