Rrrrrrrr

A new survey conducted by CB Richard Ellis Global Office Rents has brought out that office space in London is around three times more expensive than that in New York City. The report also points out that London has continued to be the most expensive office space market across the world.

It is also worth noting that hedge funds, media entities and government agencies are willing to pay as much as $183 per square foot for London rent a desk space.

According to the report the second place in the list is held by the Central Business District of Hong Kong that demands $153 per square foot. Next in the list are Tokyo’s Inner Central that is available for about $144 per square foot and Mumbai at about $126 per square foot. The fifth position in the list is held by Moscow at $125 for a square foot of office space. The list was published by CBRE survey that monitors the office space markets in 176 countries across the world.

To the astonishment of a lot of people associated with office space markets, the most expensive office space in North America is in Midtown Manhattan that holds the 26th position on the list with $65 per square foot. It is the same city that had been in top ten office space markets for several years but the last three due to the upcoming key cities in Far East, Middle East as well as Latin America.

The report also mentioned that the global office rents are still on a constant decline with a drop of around 4.6% from last year first quarter to this year with a significant decline in 133 out of the 176 cities.