Wednesday, 04 March 2015
The West End quarter of London is the most expensive office market for the third year in a row, beating Hong Kong and Midtown in New York. This is according to the global ranking by Cushman and Wakefield. Brussels got 37th place. In London, the cost of occupation per m² is 2,344 euros, compared to 410 for the European quarter in Brussels. It is the most expensive neighbourhood for offices in Belgium.
“Property in Belgium is generally less expensive than other markets, as there is plenty of developable ground in Belgium. Prices have rarely exploded in Belgium as they have done in neighbouring countries. In is nevertheless surprising that prices for offices in the capital of Europe are lower than in average-sized European towns”, says Kris Peetermans, head of Valuations and Advisory for Belgium and Luxemburg at Cushman and Wakefield. “In the long term, we can expect pressure to increase rents, as there are few new developments on the market in the centre of Brussels”, he added.