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CBRE Survey Finds Global Rents Down 4.6% from One Year Ago

London’s West End remains the world’s most expensive office market with an occupancy cost of €1457.59 per sq m per annum (£120.50 / $182.94), according to CB Richard Ellis Group, Inc. (CBRE) semi-annual Global Office Rents survey. Hong Kong’s Central Business District (CBD) has risen to second place pushing Tokyo’s Inner Central to third place. Mumbai is now in fourth position on the list while Moscow remains in fifth in the CBRE rankings, which tracks occupancy costs for prime office space in 176 cities around the globe.

EMEA continues to have the most markets on the top 50 list with 29 markets. London’s West End is still the world’s most expensive market with an occupancy cost of US$182.94 per sq. ft., despite the recent depreciation of the British pound to the U.S. dollar Other markets in the region that top the list are Moscow (occupancy cost of US$125.10 per sq. ft.), Paris (US$113.23 per sq. ft.), London (City)(US$110.07 per sq. ft.) and Dubai (US$108.92 per sq. ft.).

Overall, the EMEA region had an annual decline of -6.2%, led by Moscow (-26.5%), Dublin (-24.6%) and Abu Dhabi (-23.7%). This region as a whole experienced 44 out of 57 markets with office occupancy costs falling.