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The West End of London is the most expensive area of the world in which to strike-up an office space deal, according to the latest report on the subject from CB Richard Ellis (CBRE).
A number of cities in the Asia Pacific region have managed to gain ground on the UK capital in terms of grade A office space pricing but London’s West End remains on top.
The cost of occupying office space in the West End of London is currently running at around £120 per square foot, with similar space in the City of London not all that far behind at roughly £77 per square foot.
Only the West End and Moscow have office space more expensive than ‘the City’ in what CBRE refers to as the Europe, Middle East and African market, with Paris and Dubai making up the top five in that particular category.
Meanwhile, in the Asia Pacific region, a number of well-known markets have seen rises in the price per square foot of its office space to rent, most notably Hong Kong, Tokyo and Mumbai, who came in second, third and fourth respectively in the global list of most expensive office space markets.
CBRE’s global chief economist Dr Raymond Torto said: “Major markets in emerging economies feature prominently at the top of the list of most expensive office costs. This pattern developed just a few years ago and it is more pronounced today.”
A report from Colliers International this week suggested that confidence is returning to office space markets around the world, with 90 per cent of real estate investors considering the best options for expanding their portfolios. Office space opportunities in Kiev, Warsaw and Sao Paulo were cited as being among the most attractive emerging market prospects, Colliers noted.