Midtown is nation's most expensive office location.Midtown Manhattan in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. is the nation's priciest office location, and the 24th most expensive office location in the world. At $52.53 per square foot, New York's Midtown fell to the 24th position from last year's 20th followed by Washington DC ($43.24) in 330th position, Boston ($38.98) in 36th and Downtown Manhattan ($37.80) in 40th. The weakness of the US dollar during the second half of 2004 has had a significant impact on the CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) Global Top 50 most expensive office locations. The dollar has fallen by approximately five percent against the British pound and the Japanese yen; by nearly 10 percent against the euro and the Canadian and Australian dollars; and by 14 percent against the New Zealand dollar Noun 1. New Zealand dollar - the basic unit of money in New Zealand dollar - the basic monetary unit in many countries; equal to 100 cents . The effect of this exchange rate shift is that when rents are expressed in US dollar terms nearly all the locations in the top 50 showed an increase in rental rates. Only four showed a fall over the last six months most of which are cities where the rent is denominated in US dollars. If the rates were expressed in euro, then 32 of the top 50 locations would show a decrease in rental rates. The top 50 cities are fairly stable and only one new entrant, Ottawa, replaced Ho Chi Minh City Ho Chi Minh City, formerly Saigon, city (1997 pop. 5,250,000), on the right bank of the Saigon River, a tributary of the Dong Nai, Vietnam. . The first top six cities for 2003, remained in place for 2004. Ottawa moved up in rank more significantly than any other city, from 51st to 42nd over the second half of 2004. Hong Kong and Toronto also moved up seven places in the rankings due to both rental value rental value n. the amount which would be paid for rental of similar property in the same condition in the same area. Evidence of rental value becomes important in lawsuits in which loss of use of real property or equipment is an issue, and the rental value is the gains as well as exchange rate shift. London's West End has now been the most expensive location in the survey since the second quarter of 2000. The strong growth in rental values there as well as increases in other costs of occupation, mean that at $191.60 per square foot, the West End of London The West End of London is an area of Central London, England, containing many of the city's major tourist attractions, businesses, and administrative headquarters. It also includes most of its major theatres, and indeed the term "West End" has become synonymous with London's is over 50 percent more expensive than the world's second priciest location--London's 'City' area--with average rents of $125.80 per square foot. |
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