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Commercial Property: London's West End still most expensive.

London's West End has retained its title as the world's most expensive office location, according to DTZ's seventh annual Global Office Occupancy Costs (GOOC) survey.

The new data shows that Birmingham is in a far more competitive position in 22nd place, at less than half the cost.

The GOOC survey is a guide to accommodation costs in major prime office locations covering 111 business districts in 43 countries worldwide.

Unlike previous editions, the ranking for the 2004 survey is focused on total occupancy costs per workstation. The rationale behind this change from unit area to workstation basis is to better reflect the true costs of accommodation.

Results from the survey reveal that London's West End and Paris remain the top two most expensive locations globally with accommodation costs of $16,682 (pounds 9,165) and $15,700 (pounds 8,626) per workstation pa respectively. Toronto, despite the impact of Sars, has moved up three spots into the top ten, but the biggest climber is Dublin, racing up nine spaces to number ten.

Despite the economic recession in Germany both Frankfurt and Munich remained in the top ten at $14,071 (pounds 7,731) and $11,262 (pounds 6,187) respectively.

Geoff Thomas, regional chairman in DTZ's Birmingham office, said: 'In Euro terms Birmingham is some eight per cent cheaper than last year, but in dollar terms it is 10 per cent more expensive.'

'Birmingham has a real opportunity to take advantage of this differential within the UK market as companies are under every increasing pressure to reduce operational costs.'
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Title Annotation:Business
Publication:The Birmingham Post (England)
Date:Jan 8, 2004
Words:259
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