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London鈥檚 West End tops
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THE average office cost in US dollar around the globe fell nearly 4 percent in 2014, with London’s West End remaining the most expensive office location, global real estate service provider DTZ said yesterday.
A sharp depreciation of local currencies against the US dollar, slower economic growth in Europe, as well as significant new supply in emerging markets jointly eroded costs across many global markets, according to its annual report.
The report tracks workstation costs — mainly rent, maintenance and property tax — in 138 cities across 60 countries and regions. When measured in local currencies, the average workstation costs rose 1.8 percent from a year earlier.
London kept its top spot worldwide with an average office cost of US$29,340 per workstation per annum, nearly a third more expensive than second-placed New York. Hong Kong ranked third globally at US$21,110.
The Asia-Pacific suffered the fastest fall in US dollar occupancy costs among regions with an 8.3 percent annual drop. Europe saw an average drop of 7.8 percent. Occupancy costs in North America rose 4.8 percent, the report said.
In China, Hong Kong is the most costly office market, followed by Beijing at US$11,680 and Shanghai at US$9,050.
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