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London still world’s most costly office market
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LONDON remains the world’s most costly office market for the second straight year while Beijing climbs to No. 4 from seventh spot, Cushman & Wakefield said in a report yesterday.
Buoyed by strong demand and a shrinking supply of high-quality space, office rents in London’s West End rose 5 percent in 2013 to 2,122 euros (US$2,911) per square meter per year, said the annual Office Space Across the World report released by the world’s largest privately-held commercial real estate services provider.
That helped London to retain the title this year ahead of runner-up Hong Kong which lost its top spot to the British capital last year for the first time since 2008.
“London remains attractive for many international businesses as its global appeal continues to grow,” said Digby Flower, Cushman & Wakefield’s UK chief executive and head of London Markets. “With prime space at a premium in the West End and a steady demand for offices from across all sectors, a significant rental growth can be anticipated in 2014.”
Beijing’s central business district climbed to No. 4, following Moscow which rose from No. 6 in 2013, the report said.
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