New building pictures: World’s most expensive offices are in Tokyo now

For many years London with its West End was a record-holder across world’s most expensive offices prices. But today the statistics says that the most expensive offices are in Tokyo’s Inner Central District. Space costs there $183.62 per sq. ft. For reference, a year ago office space in London’s West end was approx. $300 per sq. ft., while today that space goes for $172 per sq. ft. The third place takes Moscow where the office space goes for $170.24.

Some markets did record increases in costs over the last 12 months but these markets, such as Charlotte (U.S.), Marseille (France) and Perth (Australia), are very much the exception rather than the rule. Generally, these increases are either due to exceptional local market conditions, such as the completion of a top quality new building in a market where none was available previously, or simply that occupancy costs remain above the level of a year ago despite the fact that they are now falling. Such situations illustrate the uneven way in which the economic downturn is affecting different markets around the globe, according to the CBRE report.
Tags: new building pictures, luxury goods, most expensive

Via:  tradingmarkets