London is on top.

The citys West End had the most expensive office space in the world in the third quarter of 2013, according to a report released Wednesday by CBRE Group Inc. Rents and other costs totaled $259.36 per square foot for the year for top-quality space.

Total occupancy costs in Hong Kong, which previously held the crown, were $234.30 per square foot in the third quarter. Hong Kongs costs fell 4.9% over the prior year partly because of new buildings that recently opened, according to Raymond Torto, who heads CBREs global research arm.

Either way, both markets should expect growth in the future, Mr. Torto said.

Everybody wants to be in the same place in the two cities, he said. There hasnt been enough development to meet that demand.

Across the world, rents in top-quality prime office space increased 2.2% from a year earlier.

On the wane was Spain, which had the two markets with the largest declines in occupancy costs.

- Eliot Brown

On Spec Brings a Check

In 2010, Tishman Speyer Properties LP started construction on its first of three planned office towers in central Brasilia, beginning a long hunt for tenants to fill the tower.

Go here to see the original:
Plots & Ploys: a Tale of Two Cities

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December 23, 2013 at 11:47 am by Mr HomeBuilder
Category: Office Building Construction