West End offices are the world’s costliest

 
Kasmira Jefford
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LONDON’S West End held onto its title as the world’s most expensive office market for the third year in a row, after hot demand and limited supply help push up rents last year.

Businesses paid an average of €2,344 (£1,697) per square metre in 2014 for a foothold in the West End, according to Cushman & Wakefield’s annual office report out yesterday. While this was 4.6 per cent ahead of the previous year, rents are still 13 per cent below their peak in 2007.

Hong Kong’s central business district remained in second place, with rents of €1,636 per sq m, while New York’s Midtown jumped two places to become the third most expensive office market with rents of €1,162 per sq m per year.

Global rents rose seven per cent.

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