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Quality is on our doorstep.

Byline: By Rebekah Ashby

London's West End has retained its title as the world's most expensive office location.

The West End of London and Paris remained the two most expensive locations globally with accommodation costs of pounds 9,014 and pounds 8,484 per workstation, per year - according to DTZ's seventh annual Global Office Occupancy Costs (GOOC) survey.

But while London remains the most expensive location in the world, Newcastle is fast earning a reputation as a location that offers quality and value of accommodation, DTZ said.

Tony Hordon, director of offices at DTZ's Newcastle office, said: "The city boasts a growing portfolio of high-profile office developments set within a thriving city and a strong set of demographics.

"Our own research also shows that investment in the local office market reached pounds 45m in the last six months of 2003.

"This is a 41pc increase on that of the previous period.

"Looking ahead, enhancing the stock of quality office accommodation in Newcastle however will be key to its continued success.

"Bringing more buildings like Trinity Gardens, Imperial Quay and Citygate to the local market will be crucial if the city is to stay at the top of occupiers' shopping lists when looking for office locations in the North of England."

The GOOC survey is a guide to accommodation costs in major prime office locations covering 111 business districts in 43 countries worldwide, based on total occupancy costs per workstation.

The survey revealed that despite the impact of SARS, Toronto has moved up three spots into the top 10.

But the biggest climber is Dublin which rose nine places to number 10.

This represented an opposite trend to New York (Midtown), which has dropped out of the top three.

And despite economic recession in Germany, both Frankfurt and Munich remained in the top 10 at pounds 7,597 and pounds 6,080 respectively.

Globally, most locations have continued to register further declines in locally quoted occupancy costs during 2003.

This reflects the weak and uncertain global economic environment.
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Copyright 2004 Gale, Cengage Learning. All rights reserved.

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Title Annotation:Features
Publication:The Journal (Newcastle, England)
Date:Jan 14, 2004
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