Folksonomics

Due to the stabilization of rents last year, although it is true rents continued to fall throughout the city, the West End came out on top as the most expensive office market in the world.

The results were tallied by DTZ Holdings Plc and show that the West End was able to beat out Hong Kong, Dubai, Tokyo, and Paris to take the title, which it is expected to hold onto at least until 2013.

The West End has held first place from 2002 until 2008 when it dropped to fifth place. Before coming back up in 2009, the £13,289 it cost to rent a building space per one worker propelled it back into the first place.

Worldwide last year, the global credit crunch caused many office rents to drop along with the demand to rent desk space as companies were forced to make many people redundant to cut costs. This affected locations such as Singapore drastically, where the decline in workers unfortunately came at the same time as a surge of new office space.

Tokyo saw the smallest fall at 8% in office space rents while high profile areas such as Hong Kong, Midtown New York, Dubai, and Paris saw their rents drop by over 20% when based on the dollar.

Still the top five office spaces in terms of expense throughout the world came out to be the West End followed by Geneva, Hong Kong, Washington, and Tokyo. The strength of the pound also aided in the West End returning to the top of the list.