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Study: The most expensive office locations worldwide
20 Feb, 2012, Frankfurt
Global lease prices stable with an upward trend
• Hong Kong, London and Tokyo are still the most expensive office locations in the
Hong Kong remains the world's most expensive office location. The gross lease price here is 168.83 Euros per square metre/month, which represents a slight increase of around 5% on the previous year. This was the case last year too, London's West End is the second most expensive office location (164 Euros per square metre/month) and Tokyo is establishing itself in third place (136.25 Euros per sqm/month). The greatest strides were made by Moscow and Beijing. Moscow rose from seventh to fourth place, with the top lease price in the Russian capital reaching 101. Euros per sqm of office space - an increase of 41% on the previous year. The biggest rise, however, was recorded by Beijing, where the top lease price shot up from 49.57 Euros per sqm/month to 90.17 Euros per sqm/month (+81.9%). This means that three of the five most expensive office locations can now be found in Asia.
According to the annual "Office Space Across the World" study conducted by international real estate consultants Cushman & Wakefield (C&W), top lease prices remained largely stable during 2011. Although lease prices did rise significantly in certain cases last year, worldwide the picture is a fairly steady one, albeit with an upward trend. Apart from Moscow and Beijing, no other cities have really broken away from the pack and recorded significant increases.
Rio de Janeiro, which last year became the first Latin-American city to make the top five, dropped four places in 2011 and now finds itself in eighth place. Lease prices of up to 75.33 Euros per sqm/month are demanded in the Brazilian metropolis, which equates to a fall of around 6%. New York is once again the most expensive office location on the American continent (82.67 Euros per sqm/month). The sharpest drop in top lease prices was recorded in India's coastal metropolis of Mumbai, where they have fallen by about 32%, currently standing at 52.17 Euros per sqm/month.
The 50 most expensive office locations in the world 2012
Europe's top lease price rises by 2% overall
Development varies in German-speaking nations
Germany's economy is growing once more, with GDP increasing by 3% in 2011, and this rise in
the country's economic fortunes is reflected in the office market. In 2011, the lease volume in
the top locations of Berlin, Dusseldorf, Frankfurt am Main, Hamburg and Munich stood at 2.89
million square metres of office space. This represents an increase in letting turnover of
around 18% compared to the previous year.
The highest net lease price was achieved in Frankfurt, where tenants have to pay up to 34.00 Euros per sqm/month net. Frankfurt is followed by Munich at 30.50 Euros per sqm/month net, Dusseldorf at 24.00 Euros per sqm/month net, Hamburg at 23.50 Euros per sqm/month net and Berlin at 21.50 Euros per sqm/month net.
The most expensive office locations in Germany, Austria and Switzerland 2012
Source: Cushman & Wakefield Office Space Across the World 2012
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