West End 'most expensive office interior market'

Office design news from Morgan Lovell

Published on 01-12-2009

Modern office design space in London's West End has been found to be the most expensive in the world, according to new research.

An annual study by CB Richard Ellis (CBRE) has shown the area commands higher prices per sq ft than Tokyo's Inner Central District, Hong Kong's Central Business District and Moscow.

Dr Raymond Torto, CBRE's global chief economist, said: "While there are signs that commercial real estate values are stabilising in some markets in Asia and parts of London, underlying property fundamentals are still weak."

The report revealed that a number of cities have bucked this downturn, however, such as Aberdeen in Scotland and Rio de Janeiro in Brazil, which have both seen rents rise by ten per cent.

Naomi Heaton, chief executive officer at London Central Portfolio, recently said the continuous price fall for London commercial property over the last 18 months makes now the perfect time for investors to move.

She noted now could be a "once in a generation" opportunity for property investment in the capital.