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London’s West End offices most expensive, DTZ says
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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, a report released today by international real estate services provider DTZ showed.
A sharp depreciation of local currencies against the US dollar, slower economic growth in Europe, coupled with significant new supply in emerging markets eroded costs across many global markets, according to the annual report, which tracks workstation costs -- mainly rent, maintenance and property tax costs -- in 138 cities across 60 countries. When measured in local currencies, the average workstation costs rose 1.8 percent from a year earlier.
Worldwide, London maintained its top spot with average office cost standing at US$29,340 per workstation per annum, nearly a third more expensive than second-placed New York.
By region, Asia Pacific suffered the fastest decline in US dollar occupancy costs with an 8.3 percent annual drop. Europe wasn’t far behind with an average decline of 7.8 percent while occupancy costs in North America increased 4.8 percent, the report said.
In China, Hong Kong is the most expensive office market at US$21,110, followed by Beijing at US$11,680 and Shanghai at US$9,050. Chongqing is the cheapest office location at US$2,320, reflecting abundant new supply.
The overall global office occupancy costs are expected to climb just 0.5 percent per year over the next two years on a local currency basis, DTZ predicted.
Occupiers in North America may see an annual 1 percent cut in occupancy costs in 2015 and 2016 while in Asia Pacific, office cost is expected to post the strongest average growth of 1.7 percent. In China, costs are likely to remain unchanged, the report said.
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