London’s West End is the world’s most expensive location to rent office space, a new survey has revealed.
A half-yearly study from real estate consultant CB Richard Ellis into commercial lettings reveals that offices in London’s premium districts are among the most expensive in the world – and are matched only by their equivalents in Mumbai and Moscow.
By comparison, commercial leases on US offices to rent are inexpensive, the study’s results suggest.
The West End was the most expensive location for new offices in the world, followed by Mumbai, then the City of London, then Moscow in fourth place.
None of the US business property markets made into the top ten, with Midtown Manhatten highest on the list in twelfth position.
London office space situated in the West End was estimated to cost around $328.91 per sq ft, compared to $185 per sq ft at Nariman Point in Mumbai and $100.79 per sq ft in Midtown Manhatten.