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Bucharest, 37th in most expensive office location classification worldwide

Bucharest ranks 37 in the top of the most expensive office locations in the world, at a total cost of 367 euros/square meter/year or 30.58 euros/sq m/month, according to the 'Office Space Across the World 2009' report issued by real estate consultant Cushman&Wakefield.

According to a company release, London lost the status of the most expensive office location in the world for the first time in nine years. Most expensive locations for offices are now Hong Kong and Tokyo, cities which got ahead of London, ranking third at present.

Rent cost for a very good location in Hong Kong is of 1,743 euros/year/sq m or 145.25 euros/month/sq m. Rent costs in Tokyo reached 1,649 euros/year/sq m or 137.4 euros/month/sq m, a decline of 19 percent in 2008.

'In Bucharest, prime zone rents were stable in 2008, staying at approximately the same level with the one in 2007, respectively an average of 21 euros/sq m/month representing the rent price per net rented surface. The other intervening costs in the total rent per square meter and not only for prime locations are service taxes and the cost of parking places, in this case with a difference from the non-central locations. These costs account for some 30 percent in the cost of rent/sq m', stressed the release.

'Office Space Across the World 2009' report compares rents for office spaces in 202 important locations in 57 countries all over the world. Of these locations, 58 percent show a price rise in 2008, 26 percent represent the number of stable rent locations and 16 percent are locations with rent declines (compared to 1 percent in 2007).

Globally, office spaces rents advanced by almost 3 percent last year, a lot less than the increase of 14 percent in 2007.

Cushman&Wakefield is the largest company with private capital in the world in the real estate field. Set up in 1917, the company holds 227 offices in 59 countries and has more than 15,000 employees.

The office in Romania was opened in January 2007 by taking over the associate office Activ Consulting, following a cooperation of more than 11 years, thus becoming Cushman&Wakefield.

 

Sursa: http://www.rompress.ro

Tags: office euros percent world location expensive bucharest locations

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