Tokyo’s Inner Central District overtook London’s West End to become the most expensive office location in the World – with an occupancy cost of $183 per sq. ft. – according to the CB Richard Ellis global office cost survey.
Moscow, Hong Kong’s central business district and Tokyo’s outer central district were in third, fourth and fifth position.
Financial centres around the world have been hit by declining occupier demand. In many cases office occupancy costs have dropped by 20% or more over the last 12 months.
Across the 173 cities surveyed byÂ CB Richard Ellis office, occupancy costs fell by 2.8% over the last 12 months (on an unweighted average basis).
Singapore had the largest year-on-year decrease with office occupancy costs falling 34% in the 12 months upto 31 March 2009 (pictured below).
You can find all the Occupancy Costs here