The fall in rental values for West End Office Space have fallen to such a degree that Hong Kong and Tokyo have usurped London as the most expensive cities to rent office space in. C and W say that West End Office Space rents fell a massive 23% in 2008 and that due to other factors such as currency fluctuations, London was no longer THE most expensive place to do business.
Hong Kong average office rents actually fell 4% in 2008 with Tokyo’s falling 19 percent, however they are still considered more expensive commercial areas compared to London. However this is not all doom and gloom for London, as it would make the city more competitive according to experts.
Global office rents actually grew by an overall average of 3% in 2008.