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Why should you buy an office property in London?


A recent survey by global real estate firm CBRE has revealed that London's West End continues to fetch the highest prices for office market properties globally. However, with four of the top five markets, Asia holds the No. 1 position for the most expensive office locations.   

In terms of development feasibility, these markets are ideal. 

Amongst the 127 cities analysed, Emerald Isle in Ireland was stable, while Dublin showed the largest increase in prime occupancy cost. 

The United States showed a solid performance with two of its cities, Downtown Seattle and San Francisco Peninsula, featuring in the top 10 markets with the fastest growing prime occupancy costs  

Canada to secured a spot on the prestigious top 10 list, thanks to Suburban Vancouver. 

At a whopping annual cost of US$267 per square feet, it is little wonder that the British capital's West End scored the top position on the most expensive list.

Hot on London's heels was Central Hong Kong with a total prime occupancy cost of US$254 per square feet, followed by Finance ​Street in Beijing sitting at US$196 per square feet, Beijing's Central Business District (CBD) cost US$188 per square ​feet and Connaught Place in New Delhi sat at US$157 per square feet. 

CBRE's Global Chief Economist Richard Barkham​ said these are all positive signs for property developers

"Occupier caution has declined and corporate confidence has been on the rise and this confidence is starting to translate into a degree of expansionary momentum," he explained. 

Mr Barkham also said employers are seeking to attract and retain talent, and increase productivity and not many office buildings can offer that. So the value of quality, modern and flexible buildings - particularly in the CBD - are rising.

Date Published: 19 Jul 2015
Category: General News

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