According to the latest Global Prime Office Occupancy Costs Survey, conducted recently, The West End of London is continue to hold its record as the highest price office market in the world whereas Asia is still leading as the most expensive location for offices.
Apart from this, the study of CBRE has also found that the rents are rising fastest around North and South America, with the US, including for the five of the 10 markets with the highest rising prime residence costs.
With the reference to the survey of CBRE, the recovery is continuously on its mark to improve that is in the long run, resulting in much improving rates for hiring and reduction of available office space around most markets.
On the other hand, the tepid economic recovery of Eurozone has held back the commotion of occupants and has led to the static prime occupancy costs in the most significant European markets.
The 0.3% year-over-year rise in the prime occupancy costs in the province was mainly determined by the optimistic conditions in the UK cities, Nordic markets and the rigorous markets of the strong recovery of the Dublin office market.
In this slot of increasing numbers, European markets, in the places such as Warsaw have experienced the main decreases of 1.6% where the economies comparatively seem to be healthy but the new supply has downgraded the rents.
In terms of the demand of the occupants united with the shortage of new supply, there are certain markets in London and Dublin which have experienced the recovery. On the other hand, the market of Asia Pacific is proudly ranked in the most expensive in the world. In the list, seven out of the top 10 markets belong to the Asian markets that include Beijing, Hong Kong, Tokyo, Shanghai and New Delhi
Due to have, the less significant traffic in such areas, the increased costs of properties, especially in terms of the offices and housing had almost made the house clearance, office clearance, furniture clearance, flat clearance and other similar services is less needed.
Although, from the investors’ point of view, the development has its own positive aspects, but it’s making a quite tough for the companies that are endeavouring to hit upon their place in the office location of London’s business world. Now the thing that we have to keep an eye on is to see how much more the rates of office market in London will improve with the start of the year 2015