Location Most Expensive Office Rent World
Executive Summary about Rental Office by Novari Mursita
Tokyo replaced Hong Kong as the most expensive office location in the world, after the rental price in the Japanese capital on the decline, according to brokerage Cushman & Wakefield Inc.
Growled-rents of office buildings in Tokyo fell 21 percent to 163.90 dollars pwe square foot, according to the broker disclosed that in a report in the email.
Rental office costs in Hong Kong are now at the third rank, fell 35 percent after the tenants moved from the city center. Regions West End of London is the second most expensive region in the world.
Rental Office
Global recession causes companies to rent more narrow space, so that rents in prime business areas experienced a decline in 2009 and then. Previously sharp decline in many parts of the world occurred in 2003, says a report. Many companies relocate to cheaper rent.
The fall of the rent spread to the main market, said brokers based in New York. Every corner of the world experienced the impact in the year 2009.
The largest decrease occurred last year in the Asia Pacific region. Rents in Ho Chi Minh City, Vietnam, the city where many companies are expanding, down to 53 percent. Rent price level in Japan sank in the first half of 2009, said Cushman & Wakefield.
Boston
In North America, the main office rents fell in the range of an average 8 percent, while in Boston fell the most in, which is 26 percent, brokers said it. In downtown New York fell 23 percent and the West End, London 25 per cent.
Global office rents may be reaching a low point this year. Economic recovery makes them confident again, the broker predicted. Growth in rents has occurred in several areas, including the City of London and Oslo.
“This year is not without challenges and risks, but this year will be a year of recovery and the growing optimism cautious for land owners and those who occupy it,” said Cushman & Wakefield
