February 16, 2008 by keith
Based on the latest reports, the list of top 10 most expensive cities in office rent is out (Source: BLOOMBERG).
London holds the top spot as the most expensive city to run business in. The next most expensive list, ranked about two-third of the occupancy cost of London (at the West End) is Hong Kong. Tokyo, switched position with Hong Kong, fell to third place. Among the list, Singapore leapfrogged from 17th spot to 7th; an amazing great jump.
Most Expensive Office Rents
2008 RANKING
2007 RANKING
City
LOCATION
ANNUAL OCCUPANCY COST (Per Square Foot)
1
1
London
West End
US$311.58
2
3
Hong Kong
Central
US$238.58
3
2
Tokyo
Central
US$210.12
4
5
Mumbai
Central
US$166.04
5
7
Moscow
Central
US$158.72
6
4
Paris
Central
US$141.57
7
17
Singapore
Central
US$130.48
8
10
Dubai
Central
US$126.01
9
6
Dublin
District 2/4
US$112.54
10
9
New York
Midtown
US$100.28
Worldwide, office rent has grown by 14 per cent on average. London managed to retain its status as the world's most expensive office rent, is because of its reputation as a hub for global financial market.
The analysis is based on office occupancy in 203 key locations across 58 countries around the world. Of these locations, 79 per cent has shown cost increment, 20 per cent remained unchanged and 1 per cent showed a drop in rental value.
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