At some places of the world, it seems that office space is available for nothing less than premium rates. Here, we bring you a list of top ten most exorbitantly priced office markets of the world. This ranking is based on the research published by Cushman & Wakefield.
- West End, London
The West End area of London in the United Kingdom tops the list of most affluent and costliest office markets in the World. This place has retained this position consecutively for the third year. The annual occupancy costs per square meter are 2344 pounds approx. The reason behind this surge is due to limited supply and growing demand for commercial offices in London.
- Central Business District (CBD), Hong Kong
The Central Business District area in Hong Kong ranks second in the list of world’s most expensive office markets globally. Many multi-national companies have their offices in this area. Situated in a sprawling area of 23 million square feet, the annual occupancy costs per square meter are 1636 pounds approximately.
- 5th Madison Avenue, New York
Madison Avenue in New York is one of the costliest office areas in the USA and ranks third in the world. This area is equipped with some of the posh restaurants, theaters, shops, and businesses. An office with a 5th Avenue Address broadcast’s their message across the world in style. The annual occupancy costs per square meter are 1162 pounds approx.
- Zona Sul, Rio De Janeiro
Zona Sul in Rio De Janeiro commands highest prices for premium office space in Brazil. Touted as the “Marvellous City”, this place offers office space at premium rates because of its unique location and availability of limited space. The annual occupancy costs per square meter are 1150 pounds approx.
- Connaught Place, New Delhi
Connaught Place in Delhi is the 5th most expensive office market in the world. Only some of the top companies can afford office space in this area. Its annual occupancy lies somewhere around USD 149.71 per square ft. Easy connectivity and its central location in the city make it one of the most sought after office location in the capital.
- CBD, Moscow, Russia
The Central Business District in Moscow, Russia occupies one of the prominent positions in the list of most expensive office markets in the world. Despite unstable political situation and devaluation of Russian Roubles, the area has retained its place in the list. The annual occupancy costs per square meter are somewhere around 1055 pounds.
- CBD, Tokyo, Japan
The Central Business District in Tokyo, Japan also commands high office space rentals. The demand for office space in this area is steadily rising. Its premium location and connectivity make it one of the most sought after areas in Tokyo. The annual occupancy costs per square meter are 1051 pounds approximately.
- CBD, Beijing, China
When planning to look for an office in the Commercial Business District in China, be prepared to pay through your teeth. The office space available in this area is highly priced. The annual occupancy costs per square meter are 926 pounds approx.
- CBD, Sydney, Australia
Offices for sale and rent are available at a premium price in Sydney’s Commercial Business District. Some of the most notable and well-known companies have their offices in this area. The annual occupancy costs per square meter are 878 pounds approx.
- CBD, Paris, France
The office rates in the Commercial Business District of Paris are constantly increasing. The first quarter of the current year has witnessed 19% growth from the last year. The annual occupancy costs per square meter are 860 pounds approx.
All these office markets have been retaining their position in the global list of most expensive office markets on the basis of factors like location, connectivity, amenities and services.