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London Dearest for Industrial

CANNES-Two new reports put London at the top of industrial property league tables. It is the world's most expensive location says one and the location with the biggest demand says another

By Charlie Jacoby | Updated on March 06, 2003

CANNES-London’s Heathrow area remains the most expensive location for industrial space in the world, beating the USA’s San Francisco Peninsula. Business Space Across the World 2003 by Cushman & Wakefield Healey & Baker puts the total annual occupancy cost near Heathrow at €264 per sq m ($26.90 per sf) compared to €206 per sq m ($21 per sf) on San Francisco Peninsula.

Moscow was the fastest riser from last year. Prime industrial space in the Russian capital nearly doubled in 2002 to €162 per sq m ($16.50 per sf). Logistics companies are behind the strong demand with prices being squeezed upwards because of a shortage of good space.

C&WH&B head of European research David Hutchings commented: ‘Industrial rents around the world have, for the most part, held up, despite a subdued world economy. They have performed better than anticipated. Only half of the sample countries experienced a decline in rents, with around nearly one in three showing an increase, while the remainder were stable.’

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