As commercial real estate becomes increasingly important to the global economy and the demand for office space continues to struggle, prices have dropped in the world's most prime locations.
Recently, Cushman & Wakefield released its annual "Office Space Around the World" report, which surveys the world's major business centers, comparing how corporate rental prices have changed over the past year. Out of 131 cities, the report found that 86% saw a drop in prices for premium office space, while 9% saw price growth and 5% remained stable. Of these locations, the average drop was approximately 10%, compared to about 3% average growth seen a year earlier.
The report lists rental costs as well as occupancy costs, the latter of which includes service charges and property taxes in addition to annual rent. Occupancy costs, which serve as the metric for ranking overall office rent prices, are converted from Euros to US dollars at a rate of (1.35/1). Cushman & Wakefield's report lists original rankings in Euros.
So, what are the world's most expensive places to rent office space? Click ahead to find out!
By Paul Toscano
Posted 25 Feb 2010