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July 14, 2024
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The World’s Highest Priced Office Market is Still London’s West End


London’s West End continued to be the world’s highest-priced office market but Asia dominated the world’s most expensive office locations, accounting for four of the top five markets, according to CBRE Research’s semi-annual Global Prime Office Occupancy Costs survey.

The study also found that the real estate recovery in the Emerald Isle (Ireland) remained on track, with Dublin (26.1 percent) and Belfast (13.3 percent) showing the largest and fourth-largest year-over-year prime occupancy cost increases, respectively among the 127 cities surveyed. In North America real estate fundamentals remained strong with Seattle (Downtown), San Francisco (Peninsula) and Vancouver (Suburban) among the 10 markets with the fastest growing prime occupancy costs.

London West End’s overall prime occupancy costs of US $267/sf/yr topped the “most expensive” list. Hong Kong (Central) followed with total prime occupancy costs of US $254/sf/yr, Beijing (Finance Street) (US $196/sf/yr), Beijing (Central Business District (CBD)) (US $188/sf/yr) and New Delhi(Connaught Place –CBD) (US $157/sf/yr) rounded out the top five.

The change in prime office occupancy costs mirrored the gradual recovery of the global economy. Global prime office occupancy costs rose 2.0 percent year-over-year, with the Americas up 2.9 percent, EMEA rising 1.5 percent and Asia Pacific up 1.4 percent.

“Occupier caution has declined and corporate confidence has been on the rise and this confidence is starting to translate into a degree of expansionary momentum,” said Richard Barkham , Global Chief Economist, CBRE. “At the same time, many office markets are increasingly short of the quality, modern, flexible and highly accessible or CBD-located office buildings which corporations are seeking to execute workplace strategies that will drive productivity and attract or retain talent.”

CBRE tracks occupancy costs for prime office space in 127 markets around the globe. Of the top 50 “most expensive” markets, 19 were in EMEA, 20 were in Asia Pacific and 11 were in the Americas.

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