The survey studied rent, taxes and utility costs, which combinefor an occupancy cost. New York City's occupancy cost is $100 persf. London, by comparison, is $312 per sf.
"As a place to do business globally, New York has a competitiveadvantage because it is relatively inexpensive compared with otherworld capitals," notes Maria Sicola, executive managing director ofresearch of Cushman & Wakefield in a prepared statement. "Costis a big driver for multinational corporations."
The world's top 10 most expensive office locations saw rents--alarge component of occupancy costs--increase by an average 40% lastyear, according to the survey. In this year's ranking, Londonretains its title as having the most expensive office occupancycosts in the world, with one square meter of prime space inLondon's West End at $312 per sf, with rents up 30% last year inlocal currency terms. In second place is Hong Kong, at $238.58 persf, where rents were up 40% last year in local currency terms.
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Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
