Top 10 Most Expensive Office Markets

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.

1. London (West End) – $185 psf
2. Tokyo (Inner Central) – $172 psf
3. Tokyo (Outer Central) – $139 psf
4. Hong Kong (Central CBD) – $138 psf
5. Moscow – $132 psf
6. Paris – $122 psf
7. Mumbai (CBD) – $121 psf
8. Dubai – $109 psf
9. London (City) – $108 psf
10. New Delhi – $89 psf

The Top 5 increases happened in the following places (% increase is in local currency).

1. Aberdeen, Scotland (+12.3%)
2. Rio de Janeiro (+12.1%)
3. Istanbul (+9.0%)
4. Panama City (+7.7%)
5. Edmonton, Canada (+5.8%)

The full report can be downloaded from here.

[via Bloomberg]

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Comments

Joshua December 1, 2009

not shocking considering the weakness of the dollar and strength of the pound. take that in to account and you can drop the rates in london by about 40%.

Sam December 2, 2009

Any chance of seeing the top ten most expensive retail markets in the world?

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