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Hong Kong is now most expensive for offices

Hong Kong is now most expensive for offices
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First Published: Wed, Feb 25 2009. 11 48 PM IST
Updated: Wed, Feb 25 2009. 11 48 PM IST
Edinburgh: London lost its ranking as the world’s most expensive city for offices in 2008, supplanted by Hong Kong and Tokyo for the first time in nine years. Falling rents in the UK capital combined with the pound weakening against the euro brought occupancy costs for prime offices in London’s West End down 23% to €1,403 euros (Rs89,650) per sq. m annually, New York-based property broker Cushman and Wakefield Inc. said in a report on Wednesday. That compares with €1,743 per sq. m in Hong Kong and €1,649 in Tokyo.
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First Published: Wed, Feb 25 2009. 11 48 PM IST
More Topics: London | Hong Kong | Tokyo | New York | Property Broker |