Currency shifts have made Japanese and European centres look significantly more expensive relative to the rest of the world. This means Hong Kong--ranked sixth at the end of 2001--Midtown Manhattan (8th) and Frankfurt (9th) have fallen out of the top ten, to be replaced by Birmingham, Dublin and Manchester.
But the biggest fallers have been victims of political instability. Buenos Aires, Argentina, has gone from the 19th most expensive office location in the world, with an occupation cost of $49 per sf a year ago, to the 64th most expensive location at just $27 per sf. Tel Aviv, Israel, has fallen from 31st place two years ago to 98th place today with an occupation cost of $21.60 per sf. Sao Paulo, Brazil fell from 41st to 102 nd place. All regions have seen falling rents, but the decline was greatest in the US, at around 7.5% per market.
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