December 1, 2009
CBRE has put out a report on global office rents. Not surprisingly, rents are falling in almost every major market, with significant cuts in some of the markets that had skyrocketed the most (e.g. Russia). The top 10 most expensive office markets are below. Rents are in USD/SF/Year.
- London (West End) – $185 psf
- Tokyo (Inner Central) – $172 psf
- Tokyo (Outer Central) – $139 psf
- Hong Kong (Central CBD) – $138 psf
- Moscow – $132 psf
- Paris – $122 psf
- Mumbai (CBD) – $121 psf
- Dubai – $109 psf
- London (City) – $108 psf
- New Delhi – $89 psf
The Top 5 increases happened in the following places (% increase is in local currency).
- Aberdeen, Scotland (+12.3%)
- Rio de Janeiro (+12.1%)
- Istanbul (+9.0%)
- Panama City (+7.7%)
- Edmonton, Canada (+5.8%)
The full report can be downloaded from here.
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