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Office Rents Rise Worldwide

NEW YORK CITY-Downtown Manhattan made this year's top 50 most expensive office markets. Midtown has been a longstanding member of the top 50 list.

By Katie Hinderer | Updated on November 20, 2006

NEW YORK CITY-A report issued by CB Richard Ellis’ research department shows that developing countries make up half of the 20 fastest growing markets for office space costs. The Global Markets Rents survey, issued semi-annually, surveyed 176 markets throughout the world.

Of the markets surveyed, only 20 saw a decrease in occupancy costs while 150 saw increases. Abu Dhabi saw the largest increase in occupancy cost jumping 92.8% to $52.82 per sf. Ward Caswell, US director of research for CBRE, says these findings are a great sign. Six months ago, “For the first time we were seeing all the top global markets in an upswing at the same time,” he says. “We are seeing that continue and in a lot of the places accelerate.”

England and Japan hold the top four positions. The most expensive market was London’s West End, posting $212.03 per sf. This is 45% higher than the second ranked Tokyo at $145.68 then London proper at $144.78 and the outer central area of Tokyo in fourth place with $133.54.

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