Global Industrial & Office Rents Survey Q1 2003
London's West End and the City of London are well ahead of the nearest competition, Paris. The City is almost twice as expensive. Geneva takes fourth place and Zurich fifth.
UK offices dominate the 'dear list' with Edinburgh and Birmingham at sixth and seventh. Hong Kong is eighth. The UK is so expensive that Cardiff, Glasgow, Bristol and Manchester are all among the top 20 most expensive locations in the world.
The most expensive location in the USA, Boston, only just makes the global top ten, with Manhattan behind it at 11 and Chicago sandwiched between Munich and Singapore at 23. Unusually, however, Chicago did see office costs increase 8% in 2002.
The North American office market saw average office occupation costs fall by 3.3% in both in-town and out-of-town locations. San Francisco continues to fare worst with vacancy levels rising to more than 17%.
Asia scored the biggest swings. Singapore office occupation costs went down 9.5% in the last six months of the year alone while Shanghai rose 11%.
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