10. Zurich, Switzerland
Annual Occupancy Cost: $891 per square meter
Annual Rent Cost: $84.24 per square feet
There was a 3% decline of rents during the year 2009 in Zurich and this year there is a 6% decline. Comparing to Geneva, it has maintained a stable rent price throughout the year.
9. Milan, Italy
Annual Occupancy Cost: $900 per square meter
Annual Rent Cost: $82.49 per square feet
Milan has experienced a 9% decline in prices for office space rents in 2009 but still remains the most expensive corporate center in the world. Milan also kept its spot as the most expensive in Italy.
8. Paris, France
Annual Occupancy Cost: $1,032 per square meter
Annual Rent Cost: $93.14 per square feet
Paris remains as France’s most expensive rental city despite being the only area to see a yearly decline of 10% through 2009. There are places like Lyon, Marseilles and Paris de La Defense have steadied their rental prices throughout the years which have brought less number of dramatic decline.
7. Moscow, Russia
Annual Occupancy Cost: $1,036 per square meter
Annual Rent Cost: $76.51 per square feet
The first half of the year 2009, Russia’s office rents was in a very difficult position but in the second half, the rental prices stabilized despite the situation. Russia expects low activity and building completion in the year 2010.
6. New York, United States
Annual Occupancy Cost: $1,061 per square meter
Annual Rent Cost: $104.69 per square feet
The corporate rental level across the country slid as the occupier demand slowed and supply levels increased. Despite a 4% drop in rental prices in Midtown Manhattan and a 23% drop in Downtown, New York jumped to the 6th most expensive office rent from the 8th spot in 2009.
5. Mumbai, India
Annual Occupancy Cost: $1,092 per square meter
Annual Rent Cost: $95.08 per square feet
Most companies operating in India have postponed or cancelled plans for expansion causing a drop in corporate demand. Rental values in the country as a whole have dropped by around 20%. Mumbai is also experiencing a 25% decline in prices.
4. Dubai, Unites Arab Emirates
Annual Occupancy Cost: $1,213 per square meter
Annual Rent Cost: $115.69 per square feet
Dubai is experiencing an oversupply of office space and as a result of this demand, rental levels slide 35% year over year. Abu Dhabi, Dubai’s neighbor, office rent demand fall along the prices but in a degree of 7% year over year.
3. Hong Kong
Annual Occupancy Cost: $1,629 per square meter
Annual Rent Cost: $142 per square feet
Hong Kong has an annual of 35% decline in office rental prices for “Grade A” spaces. This demand was fueled by financial company sector seeking less expensive locations.
2. London, United Kingdom
Annual Occupancy Cost: $1,647 per square meter
Annual Rent Cost: $119.40 per square feet
Way back 2009 in UK, the occupier demand was low and availability of spaces increased due to the decline in rents. But rents rose during the fourth quarter of the year. It is expected that prices for premium space will experience a bounce due to limited space for development.
1. Tokyo, Japan
Annual Rent Cost: $163.90 per square feet
Japan is one of the busiest cities in the world. Business that rents spaces in Tokyo is the world’s highest premiums for this luxury. With a 21% decline in office rental prices, many corporate establishments negotiate to lessen the price in order to reduce their operating cost. Tokyo seems to have increased the rental spaces year after year and it will never be cheap.
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Reference: goshycab.com/2010/08/22/top-10-most-expensive-office-rent-places
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