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Luxembourg 12th most expensive for office space
Economics

Luxembourg 12th most expensive for office space

19.02.2014 From our online archive
Luxembourg emerged 12th in a worldwide ranking of costs for office space, climbing one spot compared to 2013 and ranking well ahead of fellow EU centre Brussels, which came 38th.

(CS) Luxembourg emerged 12th in a worldwide ranking of costs for office space, climbing one spot compared to 2013 and ranking well ahead of fellow EU centre Brussels, which came 38th.

London's West End remained the most expensive turf for office rents, at 2,122 euros per square metre per year. Hong Kong stayed in second place with costs of 1,432 euros per square metre per year.

The top five most expensive cities in the study by real estate services company Cushman & Wakefield also include Moscow, Beijing and Tokyo.

The first city below 1,000 euros per square metre per month is New York (993 euros), ranking sixth. The only other European city in the top ten most expensive cities for office rent was Paris, which ranked ninth.

Compared to London, Luxembourg's rent in the central business district seems comparatively cheap, at just 777 euros per square metre per year. However, this is a substantial increase compared to 2013, when rent, including service charges and taxes, was calculated at 703 euros per square metre per year on average.

At the bottom of the 67-country ranking were Sandton in South Africa (150 euros), as well as Limassol in Cyprus, Amman (Jordan) and Quito (Ecuador) – all at 179 euros per square metre, per year, less than a tenth the price asked in London.

Globally, rents were found to have increased by 3 percent.