The world office market - how does the UK compare?
Research reveals how the UK commercial property market stands in comparison to the world
The global recession has put pressure on commercial property markets the world over, but how has the UK fared in accordance with other commercial property markets across the world?
London has held its position in the top three most expensive locations alongside Tokyo and Hong Kong. It comes in second place with the Japanese capital in first and Hong Kong ranked in third place.
Global office space rents are expected to reach their lowest level by mid-2010 approximately.
New office developments are expected to have an increase, with more investors capitalising on the rising confidence shown in the property market.
2010 is globally a year of recovery rather than prosperity in the commercial office space markets and landlords and tenants alike are expected to remain cautious throughout the year.
The majority of global economies, including the UK, will see positive GDP growth as the year progresses, which should have a knock-on effect in positively boosting market confidence.
Currency fluctuations will play a part in determining the relative cost of office rents worldwide. The Middle East, Africa and South America have reported the best performance in terms of rents.
Asia Pacific is experiencing the greatest decline in rents, with a drop on average of 16 per cent.
Dubai, Mumbai, New York and Moscow have all maintained their high costs of rent, with London and Moscow showing the highest figures for additional overheads outside of rent.
