London has the most expensive office building in the world
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| 2/17/2005 1:1:0 Beijing Modern Business News). |
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Business Daily news reports that, currently London has the most expensive office buildings in the world, and its rentals is more than two times of that in the central business district (CBD) in Tokyo or New York. Paris ranked the second, and Hong Kong, with its nearly doubled growth rate, once again bounced back to its fifth place. The rental of office buildings in Beijing CBD is outside of the top five, being only 1/4 of London.
The latest survey by the Cushman & Wakefield Inc. of the New York Business Real Estate Service Company indicates that, currently the world highest rate of rentals of office buildings is still in the Mayfair area in the West District of London, averaged at USD 166/m2/month, up 20% compared with that of 2003. The reason is that, there is a restriction on the height of constructions in this area, and the space for external expansion is limited. Besides, taxation has already accounted for 40% of the annual tax. To be followed by the CBD area in Paris, with the rate of its office rentals being USD 100/m2/month, up 13% compared with 2003; Tokyo USD 76.7£Żm2/month, basically the same as 2003; New York USD 71.7/m2/month, slightly up than 2003; Hong Kong has jumped from its 17th place in 2003 to the current 5th place, with current rate of office rentals more than doubled to USD 67.5 /m2/month.
Though also a central business district (CBD), there is a considerable gap between the rate of office rentals in the CBD area in Beijing. Taking the World Trade Tower, the landmark building int the CBD area, the quote of its office rentals in the initial phase is USD 36.4/ m2/month; USD 40.6/ m2/month for phase two, which is only 1/4 of the office rental rate of London, or there is 40% also compared with Hong Kong.
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