If you are looking for a good office space, you got to pay a premium price. According to CBRE’s June 2015 Global Prime Office Occupancy Costs, an increase in occupancy costs also signifies the recovery of global economy. For readers who don’t know about occupancy costs, these are those costs related to occupying a space including; rent, real estate taxes, personal property taxes, insurance on building and contents, depreciation, and amortization expenses.
67% of the total 127 markets that were surveyed showed an increase in occupancy costs. The average increase in occupancy costs for these markets was 2% YoY with Americas at 2.9%, EMEA at 1.5% and Asia Pacific at 1.4% respectively.
Here’s a list of most expensive office markets:
1. West End, London
Occupancy Cost: $267 per square foot yearly
2. Central, Hong Kong
Occupancy Cost: $254 per square foot yearly
3. Finance Street, Beijing, China
Occupancy Cost: $196 per square foot yearly
4. Central Business District, Beijing, China
Occupancy Cost: $188 per square foot yearly
5. Connaught Place, New Delhi, India
Occupancy Cost: $267 per square foot yearly
6. West Kowloon, Hong Kong
Occupancy Cost: $150 per square foot yearly
7. Marunouchi Otemachi, Tokyo, Japan
Occupancy Cost: $143 per square foot yearly
8. City, London
Occupancy Cost: $143 per square foot yearly
9. Moscow, Russia
Occupancy Cost: $128 per square foot yearly
10. Mid Town, Newyork, USA
Occupancy Cost: $127 per square foot yearly
11. Pudong, Shanghai, China
Occupancy Cost: $126 per square foot yearly
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Article Source- CBRE
Featured Image- Hindustan Times
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