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Report: Save Your Money for Tokyo

TOKYO-London's West End is no longer the most expensive office market in the world, according to CB Richard Ellis Group's Global Office Occupancy Costs Survey.

By Ryan Clark | Updated on June 03, 2009

TOKYO-According to CB Richard Ellis Group Inc.’s Global Office Occupancy Costs survey, Tokyo’s Inner Central District is the most expensive office market in the country at $183.62 per square foot. London’s West End still holds a hearty second, however at $172.62 per square foot, with Moscow nipping at its heels pricing at an average of $170.24 per square foot.

“Financial centers have been most significantly affected by declining occupier demand,” the report explains, pointing out that the most material decreases were in office rents. The interdependent global economy has found itself at the mercy of a faltering Wall St. and as the report has measured 170 cities across the globe, office occupancy costs fell 2.8% over a 12-month period that ran until the end of March 2009. This drop stands in contrast with an 8% gain from the same cities over another 12-month arc ending in Sept. 30th of 2008.

With the top two cities scoring a dual mention–Tokyo and London–no US city even landed in the top ten. Regardless of its dubious mention in the number one slot, Tokyo’s Outer Central area fell into the number five slot and London’s City coming in under the gun at number nine. Respectively, their rents were, on average, $149.58 and $103.50 per square foot.

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