London’s West End remains the world’s highest-priced office market
London’s West End was the world’s highest-priced office market for the second straight year last year, and Hong Kong Central, Beijing Finance Street, Beijing Central Business District and Hong Kong West Kowloon rounded out the top five most expensive spots in the rankings, according to CBRE Research’s semi-annual Global Prime Office Occupancy Costs survey. Globally, prime office occupancy costs were up year-on-year by 2.4 percent, attributed by CBRE to the continuing gradual improvement in the world economy and higher demand for prime office space in the services sector.
London’s West End recorded overall prime occupancy costs of $2,934 (€2,699) per square metre per year. Hong Kong (Central) ranked second, with prime occupancy costs of $2,899 (€2,667) per square metre, followed by Beijing (Finance Street) at $2,056 (€1,891) per square metre, Beijing (CBD) at $1,969 (€1,811) per square metre, and Hong Kong (West Kowloon) at $1,744 (€1,604) per square metre.