London space tops rent league
OFFICE rents in London's West End and the City are the world's most expensive, says a report from international property consultants King Sturge. It also reveals Heathrow is dearest in the world for properties used in manufacturing or distribution.
The West End's top ranking comes despite a 9% reduction in rents in the past six months. It costs £102.50 for a one square foot slot in London's favourite shopping and office area. The City of London is in equal second place with Hong Kong, where the space would cost offices £85.80.
The King Sturge Global Industrial survey also shows Heathrow costs firms £19 a square foot, beating California's Silicon Valley at £11.77 into second place.
Catherine Burke, European researcher at King Sturge, says: 'It's a reflection of the high value of sterling and the success of the UK and London economies.'
Six British cities are in the top 12 of the industrial occupational cost league, which takes into account rent, local tax and service charges. They include Glasgow, Edinburgh, Birmingham, Cardiff and Manchester. The office survey showed there is a 55% gap between Paris space, ranked four in the survey, and London's West End.
