Tuesday, 10 April 2018

5 Most Expensive Places in the World for Office Space

If you are looking for commercial office space in Delhi NCR, you may feel that the prices are exorbitant. However, there are some office markets in the world that are even more outrageously priced.
Here is a list of 5 of the most expensive places in the world to find commercial office space:

1. West End, London
West End in London has the distinction of being the most expensive place in the world for renting or buying office space. This is because the demand outstrips the supply. On an average, the annual occupancy cost for each square meter in West End is about £ 2,344.

2. CBD, Hong Kong
The Central Business District in Hong Kong is home to numerous multinational companies. The limited supply of land on this island has resulted in the costs for office spaces skyrocketing. With just 23 million square feet available for office space, Hong Kong is the second-most expensive market for commercial and office spaces.

3. 5th Madison Avenue, New York
The Big Apple has always been an expensive city when it comes to real estate. So, it is not surprising that the city has made it to this list. Fifth Madison Avenue is home to fine-dining restaurants, upscale theatres, businesses, and shops. Hence, it is one of the most expensive places in the US and the world when it comes to leasing or buying office space.

4. Zona Sul, Rio De Janeiro
Rio hosted the last FIFA World Cup and this has caused property prices to climb amazing new heights. However, when it comes to premium office space, Rio has always been expensive, particularly, the Zona Sul area. It is a unique location with limited supply of space. Hence, prices are exorbitant in this area.

5. Connaught Place, New Delhi
Well, you were right in assuming that Delhi property prices are expensive. However, it is Connaught Place that is the most expensive area in the city, because the demand is more than the supply. Its central location and superior connectivity make it the most sought-after area in the capital.

When you are looking for office space, don’t let price become the deciding factor. Instead, look at the amenities, accessibility, location, and transport facilities in the area to decide whether the place is a right fit for your business venture.


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