OFFICE RENTS: UP, UP, AND AWAY
Surging economies in developing Asia, currency shifts, and a general global upswing are buoying dollar rents for prime office space, reports Colliers International, a real estate consultant and brokerage.
Hong Kong, Tokyo, and Bombay, says Colliers, are now the world's priciest markets, commanding effective annual rents (including operating costs, taxes, and landlord concessions) of $103 to $138 per square foot. Rounding out the top 10, with rents from $54 to $90 per sq. ft. are Beijing, Shanghai, Guangzhou, London, Singapore, Osaka, and Paris.
Cheapest in Colliers' survey, with effective rents of $9.42 to $11.04 per sq. ft., are Edmonton and Calgary, Alta., and Perth, Western Australia. America's downtown effective office rents range from a high of $32.73 in Washington to a low of $12.80 in Houston.BY GENE KORETZ