Four of world’s priciest office markets are in Asia
London’s West End continued to be the world’s highest-priced office market, but Asia dominated the world’s most expensive office locations, accounting for four of the top five markets, according to CBRE Research’s semi-annual Global Prime Office Occupancy Costs survey.
The West End’s overall prime occupancy costs of $267 per square foot per year topped the “most expensive” list. Hong Kong (Central) was second, with total prime occupancy costs of $254 per square foot, followed by Beijing (Finance Street) at $196 per square foot, Beijing CBD at $188 per square foot, and New Delhi (Connaught Place – CBD) at $157 per square foot.
The study also found the real estate recovery in Ireland remained on track, with Dublin showing the largest year-over-year prime occupancy cost increase — 26.1 percent — among the 127 cities surveyed.
In North America, real estate fundamentals remained strong, with the West Coast markets of downtown Seattle, San