West End office costs higher than Hong Kong
London’s West End commercial sector is storming ahead in the rankings for high cost office space
It has been confirmed that covetable office property in the West End region of London now holds the title of the world’s most expensive office space on the market. Companies looking to relocate to offices in the West End can expect to pay some of the highest premiums for the space.
Even Hong Kong, a renowned world centre for business and a hub for exclusive commercial properties, has struggled to match rents in this area of the capital. However, the Central Business District of Hong Kong is fast approaching the same levels of expense, with research from CBRE indicating that offices there could soon exceed the precedent set by the UK. According to their bi-annual Global Office Rents survey, the cost of office space in the West End is currently held at around £123.3 per sq ft while businesses in Hong Kong can expect to shell out around £117.25 per sq ft of commercial space.
Although the Asian commercial property rents have yet to surpass that of London’s West End, the rising Hong Kong prices are the fastest around in terms of growth with a staggering increase of 34.2 per cent for the time span addressed. Chief economist responsible for assessment of the figures, Raymond Torto commented on the trends saying, “Major markets in emerging economies feature prominently at the top of the list of most expensive office costs as measured in dollars per square foot.”
Some of the regions to rank highly in terms of both cost and demand were Mumbai and Tokyo who both managed to earn a place in the top ten. If you’d like help planning your office moving costs and would like assistance to factor rental figures into your office relocation budget, then why not our simple Moving Office Budget Template?
