LONDON-Like a football pep rally, London could boast “We're #1!” And so it is, at least in the eyes of New York City-based Cushman & Wakefield, which has ranked the city, with a particular focus on its West End, as the most expensive locale for office tenants.
London commands rents hovering around (US) $262 per foot. Hong Kong, which had dominated in the past few years, slipped to #2 in the rankings. If you expect the margin to be slim, think again. Hong Kong logged $184 per foot, shy of London by almost $80.
Bragging rights, of course, go to the victor: “As a truly global city, London's appeal continues unabated,” says Digby Flower, who heads the London office for C&W. “In conjunction with a scarcity of quality stock, prime rents have increased over the year.” He anticipates further rental growth over the course of the year.
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
