London West End has topped the list of most expensive offices once more. Tokyo’s Inner Central District, which stood first last time, has once more been pushed to second place in the latest survey of global rentals rates.
London emerged as the most expensive rental market in the survey sponsored by CB Richard Ellis. The average rent demanded by property dealers here for prime desk space is around $186 per sq ft. Tokyo follows with average rent of $173 per sq ft, while the Outer Circle of Tokyo’s rent hovers at $138 per sq ft. The Central Business District of Hong Kong also matched these rental figures. Moscow, with an average rent of $132 per sq ft, came next in the list.
Across the 179 markets studied, office space rentals were seen to have dropped by 8%. 50 of these markets reported double digits decline when year-on-year averages were calculated. However, market predictions for the real estate sector in the UK are very positive, with predictions being made of a huge property boom in coming years.
Several established markets have been significantly impacted by the recessive trends. These include Midtown New York, Singapore, Kiev Ukraine and Abu Dhabi.
Speaking about these statistics, Raymond Torto, Global Chief Economist at Richard Ellis, affirmed that improvement in the markets is definitely being recorded even though actual property values have not yet risen to match rentals. Torto is very hopeful for the future of the sector as a whole in this post-recession period.
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on Friday, December 11th, 2009 at 5:31 am and is filed under Better Business, Promoting Stuff, Real Estate Infos.
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