With greater stability in real estate, West End is again at the top slot in the list of highest office rents in the world even when the rents kept on falling in the city.
The West End had the highest office rents in 2002 to 2007. But it fell by four places in 2008. However, last year saw the re-emergence of West End as the most expensive area for rent a desk spaces. It takes around £13,000 - £14,000 per staff member for renting an office in that area.
These figures were computed by DTZ Holdings Plc and it is apparent from them that Tokyo, Hong Kong, Paris and Dubai had to bow down before West End. It is expected to maintain its position for around five more years.
The worldwide shortage of funds in last few months led to decrease in office prices as the companies could not afford them and their need for office space lowered due to reduction in number of workers. Singapore and other cities where the office area available in market was increasing simultaneously with the decrease in the employees had to suffer the most.
Tokyo experienced the lowest impact as the rental costs for offices decreased by as little as 8%. More than 20% dip in office prices happened in big markets like Paris, Dubai, Midtown New York and Hong Kong when calculated using dollar.
After West End, the other top slots were filled by Hong Kong, Geneva, Tokyo and Washington D.C. West End was saved by pound which suffered less compared to other currencies.
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