Business Space Across the World
A square metre of prime office space in London's West End is now priced at an average €1,478 ($150 per sf) a year, Tokyo costs €1,104 ($112 per sf) and Paris €961($97 per sf). New York Midtown in fourth place costs just €770 ($78 per sf).
The biggest movers are Hong Kong, which has slipped from sixth place in 2001 to 12th last year. Meanwhile, Brussels is the biggest riser, climbing from 19th to ninth. C&WH&B says that Brussels' Quartier Leopold fuelled its progress, where there is good demand from occupiers who want to be near the European Commission. 'Brussels remains strong in light of the proposed enlargement of the EU,' the report says.
C&WH&B head of European research David Hutchings commented: 'Companies that occupy office space are likely to show on-going caution through the rest of this year, particularly while uncertainty surrounding the crisis regarding Iraq exists.
'When the anticipated global recovery does arrive, many markets will be in a much stronger position than during the last economic downturn given that the amount of new supply of office space and the sub-letting of office space is expected to slow considerably in 2003.'
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