Annual cost of prime office space in selected markets worldwide 2024
In the third quarter of 2024, London (West End) was the market with the most expensive prime office space worldwide.The net effective cost for a prime office in London cost close to 287 U.S. dollars annually. In second and third market in the ranking, Hong Kong and Midtown New York, prices also exceeded 200 U.S. dollars per square foot.
The global office real estate sector was severely affected by the coronavirus pandemic and the political and economic uncertainty that followed. With many companies placing expansion plans on hold and transitioning to hybrid working models, vacancies across many markets spiked and leasing activity slowed down.
