Menu
15/03/2002
London still most expensive city for office space
London remains the world's most expensive city to rent office space, with average annual occupancy costs of around £1,072 per square metre.
International property consultants Healey & Baker looked at 45 countries around the world, analysing the total costs of occupying office space in 100 locations. The company then compiled a league table of countries, showing the most expensive locations.
London led the list at £1,072 per square metre, while Tokyo retained its second place - at £752 - while Paris moved into third place with a figure of £615.
Other findings from the firm's investigation revealed that average vacancy rates in Europe have increased from 3.75 per cent to 5.4 per cent as difficult economic conditions take their toll on business activity. Switzerland, Sweden and Turkey saw double-digit falls in rental growth while Central and Eastern European markers performed relatively well.
The US saw a marked rise in availability, with Washington DC clearly the best performing office market. New York showed increased letting activity following the terrorist attacks, as displaced tenants sought alternative office accommodation. However, this activity has now slowed as most major occupiers have found new space.
David Hutchings, Head of the European Research Group at Healey & Baker, said: "2001 started with a continuation of the robust activity of the preceding year, but the second half of the year was a different story.
"There are clearly going to be further areas of weakness in the months ahead but there are now some more hopeful signs. If the economy picks up steadily later this year as we expect, a return to balance should be evident in the global office market in 2003, with renewed pressure on rents following as corporate investment increases," he added. (CL)
International property consultants Healey & Baker looked at 45 countries around the world, analysing the total costs of occupying office space in 100 locations. The company then compiled a league table of countries, showing the most expensive locations.
London led the list at £1,072 per square metre, while Tokyo retained its second place - at £752 - while Paris moved into third place with a figure of £615.
Other findings from the firm's investigation revealed that average vacancy rates in Europe have increased from 3.75 per cent to 5.4 per cent as difficult economic conditions take their toll on business activity. Switzerland, Sweden and Turkey saw double-digit falls in rental growth while Central and Eastern European markers performed relatively well.
The US saw a marked rise in availability, with Washington DC clearly the best performing office market. New York showed increased letting activity following the terrorist attacks, as displaced tenants sought alternative office accommodation. However, this activity has now slowed as most major occupiers have found new space.
David Hutchings, Head of the European Research Group at Healey & Baker, said: "2001 started with a continuation of the robust activity of the preceding year, but the second half of the year was a different story.
"There are clearly going to be further areas of weakness in the months ahead but there are now some more hopeful signs. If the economy picks up steadily later this year as we expect, a return to balance should be evident in the global office market in 2003, with renewed pressure on rents following as corporate investment increases," he added. (CL)
Related Northern Ireland Business News Stories
Click here for the latest headlines.
15 October 2001
Casual dress favoured in UK workplace
The majority (56 per cent) of UK directors now believe that ‘smart casual’ dress is the most suitable everyday office attire, according to the fifth annual Aziz Management Communications Index.
Casual dress favoured in UK workplace
The majority (56 per cent) of UK directors now believe that ‘smart casual’ dress is the most suitable everyday office attire, according to the fifth annual Aziz Management Communications Index.
04 December 2001
BT announces plan to drive retail growth
BT have announced plans that will transform the company into a leaner meaner fighting machine over the next four years. Likening the transformation of BT to that of the change from a ponderous Sumo wrestler into a lean and agile Samurai swordsman BT’s CEO Pierre Danon said BT would finally break its losing streak.
BT announces plan to drive retail growth
BT have announced plans that will transform the company into a leaner meaner fighting machine over the next four years. Likening the transformation of BT to that of the change from a ponderous Sumo wrestler into a lean and agile Samurai swordsman BT’s CEO Pierre Danon said BT would finally break its losing streak.
25 July 2012
Over One Quarter Of NI Businesses Are Innovating Results Reveal
The Northern Ireland Statistics and Research Agency has today released results from the Northern Ireland element of the UK Innovation Survey 2011. The UK Innovation Survey 2011 is part of a wider Community Innovation Survey (CIS) covering a range of European countries.
Over One Quarter Of NI Businesses Are Innovating Results Reveal
The Northern Ireland Statistics and Research Agency has today released results from the Northern Ireland element of the UK Innovation Survey 2011. The UK Innovation Survey 2011 is part of a wider Community Innovation Survey (CIS) covering a range of European countries.
28 February 2002
Construction slowdown curtails Readymix profits
Irish concrete and cement group Readymix, has revealed that pre-tax profits were flat at €25.7m euro last year, mainly because of a 'considerable slowdown' in construction activity in the Republic of Ireland.
Construction slowdown curtails Readymix profits
Irish concrete and cement group Readymix, has revealed that pre-tax profits were flat at €25.7m euro last year, mainly because of a 'considerable slowdown' in construction activity in the Republic of Ireland.
17 January 2002
Body Shop reports stronger UK sales
The Body Shop has reported strong UK sales for the Christmas period, with retail activity up by 4 per cent on the previous year. In the five-week period preceding 5 January, sales activity in shops throughout the UK returned to positive growth.
Body Shop reports stronger UK sales
The Body Shop has reported strong UK sales for the Christmas period, with retail activity up by 4 per cent on the previous year. In the five-week period preceding 5 January, sales activity in shops throughout the UK returned to positive growth.
-
Northern Ireland WeatherToday:A showery start with outbreaks most frequent north of Lough Neagh and through the morning, before dwindling during the afternoon as the northwest breezes ease and brighter spells of weak sunshine prosper. Maximum temperature 8 °C.Tonight:A dry night, save for a few light showers around the coasts, with prolonged clear spells and light winds bringing a frosty dawn for many in central and southern parts. Minimum temperature -3 °C.
