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Most Expensive Office Rents

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For the first time in nine years, London does not have the most expensive office rents and that's largely because of the financial crisis. In the past, rapidly expanding financial institutions and hedge funds drove commercial property rental rates ever higher. Now a sharp drop off in demand is taking a toll on prices. In some cities, like London, office rents are the cheapest in years. On a global basis rents managed to rise by just 3 percent in 2008, significantly lower than the 14 percent gain

For the first time in nine years, London does not have the most expensive office rents and that's largely because of the financial crisis.

In the past, rapidly expanding financial institutions and hedge funds drove commercial property rental rates ever higher. Now a sharp drop off in demand is taking a toll on prices. In some cities, like London, office rents are the cheapest in years. On a global basis rents managed to rise by just 3 percent in 2008, significantly lower than the 14 percent gain of 2007, according to commercial real estate services firm Cushman & Wakefield. Click ahead to see where London and other cities ranked in the firm's list of most expensive office spaces.

Source: Cushman & Wakefield

(Note: Service charges and property taxes are included in all rent costs.)

Posted 04 Mar 2009

10. New York (Midtown)

: $107 per sq. foot/per year : 10 : +9 percent
Photo: AP

Rent: $107 per sq. foot/per year

Previous ranking: 10

Rent change: +9 percent

9. Singapore

: $111 per sq. foot/per year : 7 : -14 percent
Photo: AP

Rent: $111 per sq. foot/per year

Previous ranking: 7

Rent change: -14 percent

8. Damascus, Syria

: $126 per sq. foot/per year: n/a : 0 percent
Photo: upyernoz

Rent: $126 per sq. foot/per year

Previous ranking: n/a

Rent change: 0 percent

7. Paris

: $128 per sq. foot/per year: 6 : -5 percent
Photo: AP

Rent: $128 per sq. foot/per year

Previous ranking: 6

Rent change: -5 percent

6. Mumbai

: $132 per sq. foot : 4 : -9 percent
Photo: Ben Paarmann

Rent: $132 per sq. foot

Previous ranking: 4

Rent change: -9 percent

5. Dubai, UAE

: $151 per sq. foot/per year: 8 : +7 percent
Photo: AP

Rent: $151 per sq. foot/per year

Previous ranking: 8

Rent change: +7 percent

4. Moscow

: $164 per sq. foot/per year: 5 : 0 percent
Photo: AP

Rent: $164 per sq. foot/per year

Previous ranking: 5

Rent change: 0 percent

3. London (West End)

: $181 per sq. foot/per year: 1 : -23 percent
Photo: AP

Rent: $181 per sq. foot/per year

Previous ranking: 1

Rent change: -23 percent

2. Tokyo

: $213 per sq. foot/per year: 3 : -19 percent
Photo: AP

Rent: $213 per sq. foot/per year

Previous ranking: 3

Rent change: -19 percent

1. Hong Kong

: $225 per sq. foot/per year: 2 : -4 percent»» »
Photo: AP

Rent: $225 per sq. foot/per year

Previous ranking: 2

Rent change: -4 percent

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