World’s most expensive office rents decrease, while Aberdeen sees biggest increase

The world’s most expensive office became significantly cheaper this year due to the economic climate.

More than 130 countries saw commercial property rents plummet by an average of 7.7% in the year ending 30th September while more than 50 countries reported a decline of more than 10%. Rental rates fell by about 30% in Midtown Manhattan, 53% in Singapore and 41% in Hong Kong. Not all office space suffered through the recession though – in fact, 41 countries reported a rise in rent costs. The cost of Aberdeen office space rose 12.3% – the biggest reported rise worldwide. 

London‘s West End still retains the title of the world’s most expensive office location, according to Bloomberg. CB Richard Ellis has said London’s West End has been the most expensive office location since 2001.

The global recession and the credit crisis pushed rents down as more and more jobs were cut. About 1.93 million jobs were cut worldwide this year with the unemployment rate in the UK currently hovering at around 8%.

Inner central Tokyo came in a close second to London’s West End in the CB Richard Ellis survey, while outer central Tokyo came in third. Central Hong Kong was fourth and Moscow was fifth.

“The places that went up the fastest and highest also came down the fastest and at greater depth,” said Raymond Torto, Chief Economist for CB Richard Ellis, the largest publicly traded broker. “You party Saturday night and you pay for it on Sunday morning. That’s true across the globe.”

A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z

Choregus highly recommends our UK offices list, Hammersmith office space, Mayfair office space, Soho office space and Birmingham office space to rent.