Global rents rise

Posted on Posted in INDUSTRY NEWS

Globally, office rents rose an average of 14 per cent last year, according to a new study.

Research from Cushman & Wakefield has revealed that in the ten most expensive business property markets, income from rented city offices increased by 40 per cent, Bloomberg has reported.

London has remained the most expensive location and rents in the West End rose by 30 per cent. However, Cushman & Wakefield has predicted the growth will slow this year.

"Our expectation is that there is going to be a tapering off in demand from the financial-services sector in 2008,” said Maria Sicola, executive managing director for research services.

Office Space Around the World 2008, found that second to London, Hong Kong was the next most costly location, followed by Tokyo and Mumbai.

London’s city offices are uniquely placed, both on the doorstep of Europe and connected to global business markets.

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