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London Holds Rental Top Spot

CANNES-A new report confirms that London has retained its position as the world's most expensive office location. Cushman & Wakefield Healey & Baker says that prime office rents fell by an average 7-pc in 2002

By Charlie Jacoby | Updated on March 05, 2003

CANNES-London, Tokyo and Paris have retained their positions as the world’s three most expensive cities for office space in this year’s edition of Business Space Across the World . The report’s producer, Cushman & Wakefield Healey & Baker, says that the gap has widened between renting an office in those three locations and in others around 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.

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