February 25 2010

London’s West End has risen to become the second most expensive office location in the world according to a new report from global real estate advisers Cushman & Wakefield.

The list coincides an “unprecedented” fall in demand for prime office space with every world region recording a decline for the first time.

In the UK the picture was more nuanced however with Manchester maintaining prime rents of £312sq/m per year, the same level as in 2008. This saw the city rise to third slot after its rivals recorded declines ranging from a precipitous 15% in Birmingham to 4% in Edinburgh, leaving both cities on level pegging in fifth place with rents of £301sq/m per year.

The reports authors remain cautiously optimistic for 2010, foreseeing an upturn by the second half of the year as corporates increase their demand for space once more.

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