When you think of expensive office spaces, you probably think of places like New York City and other places where the tourist commodities are rich. You may be surprised to find that New York doesn’t even make the list – here’s a list of the world’s top priciest locations to have an office:
It’s no surprise that Asia, home of some of the highest grossing franchising branches in the world, finds itself in the top five for most expensive office locations a whopping three times. Hong Kong’s central business district has a lot to offer – from multinational banks, hotels, and shopping centres, this area ranks highest on the list of most expensive office locations with overall costs coming to an astonishing $233.37 AUD per square foot.
London’s Central-West End has risen in price and popularity as an office spot, not just because it sits in a prime tourist location. London is situated in a time zone that makes conducting business with other time zones around the world convenient, making it an ideal location for international businesses. The cost of renting office spaces is about $208.45 AUD per square foot, but due to the level of interest in London office spaces, this price is expected to see a rise over the next year.
Due to the Asia Pacific’s 2.6% increase in occupancy costs for business offices, Tokyo remains in the rankings for top three most expensive office locations in the world. More specifically, locations in Tokyo’s business districts, Marunouchi and ?temachi, are highly coveted by international financial institutions. The area is expected to increase in desirability, value, and occupancy cost over the next few years as office locations are improved, expanded and constructed. As of now, the cost of office space in Tokyo is $176.70 AUD per square foot.
Like Tokyo, Beijing’s Jianguomen central business district has seen a boost in prices over the last year. One of the world’s largest financial centers and home to some of the largest media and real estate industries in the world, Beijing’s CBD has remained high on the list of most expensive office locations for the past decade. With locations like like China World Trade Center Building III, Fortune Plaza, and Beijing Yentai Centre, this city has a lot to offer for those looking to be at the center of attention, and it all comes down to $171.27 AUD per square foot.
Last but not least, taking us back to Europe is Moscow, a place where offices are less frequently updated than their Asian counterparts. Space rental in Moscow follows a different strategy than most other places, too; instead of offering a short-term contract in the hopes of acquiring a higher bid on the same space after a year or, must office space leases in Moscow come with a long term commitment. But the high cost of office space is quite universal throughout the city where hotels, eateries, and activities cost significantly more than they would in other places. Ah, well, it’s still cheaper office space than Hong Kong at $162.53 AUD per square foot.
Written by Beth Gadd
Beth runs a small business in IT related field. She operates at home while she has recently set up one of the virtual offices Servcorp as to offer. She believes having an executive office in central business area for meeting clients definitely helps to build the creditability of her business.