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According to a recent property survey, Hong Kong, with overall occupancy costs of £151.96 per square foot, is the world’s most expensive business location, followed by London which has an overall occupancy cost of £135.62. Tokyo was third followed by Beijing’s central business district.
Despite the widespread economic downturn, occupancy costs have increased by an average of 2.1% worldwide over the past year. The steepest increase belonged to the Americas with a 5.2% annual increase while Asia–Pacific had a smaller but still significant 2.6% increase. However, Europe, the Middle East and Africa continued to be hindered by economic recession. Prime office occupancy costs increased in 74 markets, decreased in 37 office markets and experienced no change in 22 markets.
While Hong Kong has been given the title of the most expensive business location in the world, in fact, last year it experienced the largest annual decrease worldwide, with a fall of 17.8%, showing the difficulties investors may face when choosing where to spend their money.
Prime rental values have seen a sharp rise in some areas in Central London. This is due to various factors, including tight market conditions, strong demand for high-quality space and restraint in new construction, all of which continue to drive up occupancy costs in London’s office market.
Morgan Pryce is a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.