Monday, March 2, 2009

Hong Kong is costliest city

London lost its ranking as the most expensive city for offices in 2009, supplanted by Hong Kong and Tokyo for the first time in nine years.

Falling rents and the pound weakening against the euro brought occupancy costs for prime offices in London's West End down 23 percent to €1 403 (R17 960) a square metre annually, property broker Cushman & Wakefield said on Wednesday.

That compares with 1 743 euros a square metre in Hong Kong and 1 649 euros in Tokyo.

"For overseas companies, London is now more affordable than it has been in years," Cushman said.