Rent relief for city offices
Warsaw fell to 22nd place from 20th place in 2004 in Cushman&Wakefield Healy&Baker's (C&W/H&B) annual ranking of the most expensive office space in the world.
According to the report, average annual rents at €325 (zł.1,319) for a square meter in the center of Warsaw are falling, but are still higher than in other capitals in the region.
"There was a large interest in office space in the capital last year, mainly in locations outside of the city center. Pharmaceutical firms, telecoms and insurance companies were the most active sectors," said Jarosław Zagórski from the Warsaw office of C&W/H&B. However, prices are expected to rise this year, due to increased demand.
The biggest jump in the rankings was recorded by the central district of Hong Kong, which moved up 12 places to fifth. The average annual cost of renting one square meter of office space there rose to €637 (zł.2,585).
London's Mayfair district held on to first place again this year, while Paris stayed put at second. The average cost of renting one square meter of office space in Mayfair comes to €1,571 (zł.6,375) annually. In the central business district of Paris, it's €945 (zł.3,839).
This year's report included 47 countries and 210 locations worldwide. Office rents in 2004 rose or remained stable in local currency terms in two-thirds of those locations.
According to the report, average annual rents at €325 (zł.1,319) for a square meter in the center of Warsaw are falling, but are still higher than in other capitals in the region.
"There was a large interest in office space in the capital last year, mainly in locations outside of the city center. Pharmaceutical firms, telecoms and insurance companies were the most active sectors," said Jarosław Zagórski from the Warsaw office of C&W/H&B. However, prices are expected to rise this year, due to increased demand.
The biggest jump in the rankings was recorded by the central district of Hong Kong, which moved up 12 places to fifth. The average annual cost of renting one square meter of office space there rose to €637 (zł.2,585).
London's Mayfair district held on to first place again this year, while Paris stayed put at second. The average cost of renting one square meter of office space in Mayfair comes to €1,571 (zł.6,375) annually. In the central business district of Paris, it's €945 (zł.3,839).
This year's report included 47 countries and 210 locations worldwide. Office rents in 2004 rose or remained stable in local currency terms in two-thirds of those locations.
