London, Tokyo most expensive office rents
London's West End, the City of London and Tokyo's inner and outer central five wards are the four most expensive office markets in the world, according to a recent report.
CB Richard Ellis Research's semi-annual Global Market Rents tracks the world's most expensive markets as well as markets with the fastest-growing rents over the past 12 months. New Delhi's Connaught Place was the only newcomer to the top 10, with an occupation cost of Bt3,617 per square metre per month, while Bombay, at Bt4,309, rose two places to fifth. Midtown Manhattan is the priciest market in North America, at Bt2,162, ranking 21st worldwide. Abu Dhabi led the list of markets with the fastest-growing office rents in local currency and measure. The oil-rich city saw rents increase 103 per cent over the past year. Ten Asian markets were among the top 50 markets with fastest-growing rents, including three in the top 10. New Delhi ranked second with year-on-year rent growth of 79 per cent, Singapore was fifth on 54 per cent and Bombay was sixth on 45 per cent. Bangkok grade-A office rents rose 5.3 per cent year on year to Bt741 per square metre per month, jumping up to 125th from 141st. Bombay's Nariman Point rose two spots to fifth, climbing to Bt4,308. Occupation costs in Tokyo's inner and outer central five wards are Bt4,467. Singapore rose from 43rd to 24th most expensive, increasing to Bt2,115. In the Pacific, Sydney was the only market to make it into the top 50 most expensive, coming in at 44th. In Europe, at Bt7,508, London's West End once again led the top 50. Occupation costs in that sub-market are 46 per cent higher than the next most expensive sub-market, the City of London's financial district, where costs rose to Bt5,158. Also notable in the region was the Eastern European city of Sofia, where rents in local currency jumped 63 per cent in the last year, making the Bulgarian capital the third-fastest growing rental market in the overall global rankings. The only other European city among the top 10 markets with fastest-growing rents was Belfast, where rents rose 43 per cent. Three North American cities are represented in the top 50 most expensive markets - midtown Manhattan, rising two places to 21st, Calgary at 33rd and Toronto at 37th. Venezuela's capital Caracas rose to Bt1,561 and jumped up to 41st from 67th, while Brazil's San Paulo at 42nd increased to Bt1,543.
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