London, Tokyo Remain World's Most Expensive Office Markets
- Date: 2007-08-15 - Word Count: 483
Share This!
London's West End, the City of London and Tokyo's Inner and Outer Central Five Wards are the top four most expensive office markets in the world, respectively, according to CB Richard Ellis Research's semi-annual Global Market Rents survey. The report tracks the world's most expensive markets as well as markets with the fastest growing rents over the past 12 months.
New Delhi's Connaught Place (CBD), India, was the only newcomer to the top ten most expensive markets, with an occupation cost of $116.19 (occupation cost in sq. ft./annum used throughout release), while Mumbai, at $138.41, rose two places to fifth. Midtown Manhattan is the priciest market in North America, at $69.44, and ranks #21 worldwide.
Abu Dhabi led the list of markets with the fastest growing office rents (in local currency and measure). The oil-rich city saw rents increase 103% over the past year. Ten Asian markets were among the top 50 markets with fastest growing rents, including three in the top 10: New Delhi ranked #2, with year-over-year rent growth of 79%; Singapore was #5 with a 54% increase; and Mumbai was #6, having experienced 45% rent growth over the last 12 months.
In North America, the fastest growing rents occurred in Edmonton, Canada, which ranked #4 overall, with 60% rent growth. Downtown New York ranked tenth, as rents increased 43%.
Of the 176 office markets monitored in Global Market Rents, 90% showed positive growth in the 12 months to the first quarter 2007.
Asia Pacific
Mumbai's Nariman Point rose two spots to fifth in the Top 10 most expensive markets, climbing to $138.41 over the last 12 months. Occupation costs in Tokyo's Inner Central Five Wards are $162.09, while Outer Central Five Wards costs are $143.52. Singapore rose from 43rd to 24th most expensive, increasing to $67.97. In the Pacific Region, Sydney was the only market to make it into the top 50 most expensive, coming in at 44th.
Europe
At $241.22, London's West End once again led the Top 50 most expensive office markets. Occupation costs in that submarket are 46% higher than the next most expensive submarket, the City of London (financial district), where occupation costs rose to $165.72. Also notable in the region was the Eastern European city of Sofia, where rents in local currency jumped 63% in the last year, making the Bulgarian capital the third fastest growing rental market in the overall global rankings. The only other European city among the top ten markets with fastest growing rents was Belfast, where rents grew 43%.
Americas
Three North American cities are represented in the Top 50 most expensive office markets: Midtown Manhattan (rising two places to 21st); Calgary (33rd); and Toronto (37th). Caracas rose to $50.17 and jumped up to 41st from 67th, while S?o Paulo (42nd) increased to $49.58.
Since CB Richard Ellis was first established in Hong Kong in 1978, the company has grown to become one of the leading International Property Consultants in Greater China.
New Delhi's Connaught Place (CBD), India, was the only newcomer to the top ten most expensive markets, with an occupation cost of $116.19 (occupation cost in sq. ft./annum used throughout release), while Mumbai, at $138.41, rose two places to fifth. Midtown Manhattan is the priciest market in North America, at $69.44, and ranks #21 worldwide.
Abu Dhabi led the list of markets with the fastest growing office rents (in local currency and measure). The oil-rich city saw rents increase 103% over the past year. Ten Asian markets were among the top 50 markets with fastest growing rents, including three in the top 10: New Delhi ranked #2, with year-over-year rent growth of 79%; Singapore was #5 with a 54% increase; and Mumbai was #6, having experienced 45% rent growth over the last 12 months.
In North America, the fastest growing rents occurred in Edmonton, Canada, which ranked #4 overall, with 60% rent growth. Downtown New York ranked tenth, as rents increased 43%.
Of the 176 office markets monitored in Global Market Rents, 90% showed positive growth in the 12 months to the first quarter 2007.
Asia Pacific
Mumbai's Nariman Point rose two spots to fifth in the Top 10 most expensive markets, climbing to $138.41 over the last 12 months. Occupation costs in Tokyo's Inner Central Five Wards are $162.09, while Outer Central Five Wards costs are $143.52. Singapore rose from 43rd to 24th most expensive, increasing to $67.97. In the Pacific Region, Sydney was the only market to make it into the top 50 most expensive, coming in at 44th.
Europe
At $241.22, London's West End once again led the Top 50 most expensive office markets. Occupation costs in that submarket are 46% higher than the next most expensive submarket, the City of London (financial district), where occupation costs rose to $165.72. Also notable in the region was the Eastern European city of Sofia, where rents in local currency jumped 63% in the last year, making the Bulgarian capital the third fastest growing rental market in the overall global rankings. The only other European city among the top ten markets with fastest growing rents was Belfast, where rents grew 43%.
Americas
Three North American cities are represented in the Top 50 most expensive office markets: Midtown Manhattan (rising two places to 21st); Calgary (33rd); and Toronto (37th). Caracas rose to $50.17 and jumped up to 41st from 67th, while S?o Paulo (42nd) increased to $49.58.
Since CB Richard Ellis was first established in Hong Kong in 1978, the company has grown to become one of the leading International Property Consultants in Greater China.
Related Tags: property, real estate, china, management, research, services, land, condo, consulting, hong kong, condominium, advisory, valuation, cbre
Your Article Search Directory : Find in Articles
Recent articles in this category:
- 5 Reasons to Buy Jasper Real Estate
Jasper is a small town in North Georgia and it is growing rapidly. Since North Georgia Foreclosures - Ellijay Real Estate
Ellijay Georgia has always been known for it's outdoor activities and seasonal festivals. Downtown E - How to Deal With Blocked Drains
A blocked drain is an occurrence that happens eventually to all households. You may have experienced - The Benefits of Hiring a Plumbing Consultant
Your dream home may not always be brand new, with fresh paint and home essentials. There are certain - The Worst Mistake You Can Make When You Apply to Rent a Home
A whole new class of people has become renters and potential renters in America during the last thre - State of Individual Real Estate Markets
Everybody is well aware of the hit that the real estate market has taken over the past three years. - Thoughts on Avoiding the Landlord Trap
I've heard several people say they would never invest in a multifamily rental property because they - An Idea to Increase the Bottom Line of Your Investment Property
Are you pretty sure that you've already maximized the income coming from your property? If you've cl - Finding the Value of a Piece of Investment Real Estate
There is a lot of confusion about how much investment property is really worth. We'll look at three - Arkansas Land For Sale - Search Engine Optimization and Your Website
If you have Arkansas land for sale and are interested in advertising it on your website I have a few
Most viewed articles in this category:
- How High Did Home Prices Really Go
The U.S. Census Bureau released data on Tuesday that revealed where the nation's hottest markets wer - New Homeowners Tips for Household Safety
With so many items on their ¡°buying a home¡± checklist, few homeowners take into considerati - Truth About VA Foreclosures
Many people now days are finding themselves out of work and not being able to make the mortgage paym - Avoid Rookie Real Estate Investing Mistakes
When Robert Kiyosaki, author of the Rich Dad book series, bought his first property he was, of cours - Finding The Perfect Roommate On Craigslist
Craigslist, Roommates, and The Concerns Craigslist is "great" when it comes to looking for housing - The Forgotten Secret To Selling Property - Simple, Quick And Cheap
Why spend big dollars trying to get people to drive a long way to see your house, when your best pro - Get Amazing Results Selling Real Estate Online
This is the age of the internet. Why not take advantage of the widespread use of the internet to ad - Dallas Real Estate Information
In the United States, Dallas is considered as the second leading state according to the area. If any - The Largest Private Equity Indian Real Estate Deal
In the largest private equity deal won by the real estate sector, Morgan Stanley Real Estate has inv - Fractional Real Estate Ownership
Fractional ownership of vacation ski condos is growing in popularity. Park City Utah a popular ski t