Romania ranks 35th as most expensive office location worldwide

In the top of the most expensive locations to rent an office, Romania ranked 35th worldwide, after the growth of average prices in 2007. Prices increased 5% in extra central buildings and 7% in central buildings, a study conducted by the real estate counseling company Cushman & Wakefield reveals. Other three large Romanian cities – Brasov, Timisoara and Constanta – had a constant rent level, while rents in Bucharest are expected to continue growing in 2008.

The Office Space Across the World 2008 report compared office space costs in 203 key locations in 58 countries, including in this year’s edition a series of first-timers like Kiev, Ukraine (16th place) and Ho Chi Minh City, Vietnam (17).

The global cost lever increased 14% in 2007, compared to a 10% growth in 2006. Romania ranks 35th, with four large cities included in the analysis.

The most expensive places to rent an office are:

1. London (United Kingdom)- 2277 euro /year / square meter

2. Hong Kong (China) – 1745 euro /year / square meter

3. Tokyo (Japan) – 1536 euro /year / square meter

4. Mumbai (India) – 1214 euro /year / square meter

5. Moscow (Russia) – euro /year / square meter

According to the report, out of 203 locations, 79% saw a price increase in 2007, 20% remained stable and in only 1% of the locations the rent decreased.