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01/12/2008
London is home to 'the world's most expensive office properties' |
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London's West End has been revealed to be the most costly office property market in the world.
The area maintained its leadership ahead of Moscow but research from CB Richard Ellis claims that falling rents and slowing rental growth rates could topple the area from the summit.
"Our current perceptions are greatly affected by the current economic malaise and we tend to forget how fast rents and occupancy costs were rising over the last 12 months," said Raymond Torto, global chief economist at CB Richard Ellis.
In its Global MarketView/Office Occupancy Costs survey, the firm found that tenants in London's West End typically paid $248.66 (£161.83) per square foot for office space during the year ended September 30th, Reuters reports.
Moscow was found to be the world's second most expensive office rental market, ahead of offices found in Abu Dubai.
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