With the regularisation of rental costs in the previous year, the West End emerged as the area with the highest office rents in the world even when the rental costs were decreasing in the other parts of the city.
The data was compiled by the DTZ Holdings Plc and it indicated that cities like Paris, Tokyo, Dubai and Hong Kong were left behind by West End and West End will keep the top slot for next four years at least.
The top position was held by the West End for five years starting from 2002. However, it slipped to the fifth position for one year but regained its slot last year. Close to £13,000 per employee are required to lease an office area due to which it has the highest rents.
Due to economic recession, there was a decrease in office rental costs all across the world last year. The businesses laid off employees for decreasing expenditure which reduced the market for office space.
Places like Singapore were severely impacted because there was a decrease in labour force when the supply of office area was increasing. Least impact was felt by Tokyo were the decrease was below ten percent while Midtown New York, Paris, Hong Kong and Dubai saw a decrease of more than twenty percent .
However, the top honours for rent a desk spaces in the world were claimed by West End. The other top five were Hong Kong, Geneva, Tokyo and Washington. Possibly greater resilience of pound as compared to dollar came in the aid of West End.
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This entry was posted
on Tuesday, February 2nd, 2010 at 8:31 am and is filed under Advertising Industry, Best Realty Resources, Better Business.
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