02/03/2011 - 14:21

Perth offices among priciest worldwide

02/03/2011 - 14:21

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Perth is the 19th most expensive city in the world for office accommodation, trailing only Sydney for Australian capital cities, new research has found.

Perth offices among priciest worldwide

Perth is the 19th most expensive city in the world for office accommodation, trailing only Sydney for Australian capital cities, new research has found.

Property market analysts DTZ's Global Occupancy Costs - Offices report revealed six of Australia's capital cities were among the world's most expensive.

The report ranks each location based on annual costs per workstation, taking rents, maintenance costs and property taxes into account.

Sydney was Australia's most expensive city, ranked 14th globally at $US12,750 per workstation, while Perth moved 10 spaces up the ranks from the previous survey to rank 19th at $US11,470.

Perth was followed by Brisbane, ranked 30th, Melbourne, ranked 44th, Canberra (69th) and Adelaide (70th).

Hong Kong was the world's most expensive city for office space, with a cost of $US22,300 per workstation per year.

Occupancy costs in Hong Kong surged 31 per cent year on year on 2010, as it overtook London's West End as the most expensive location worldwide.

The report forecast Perth occupancy costs to grow between 2.6 per cent to 5 per cent by 2015.

"We are forecasting widespread growth in occupancy costs in 2011 ... where costs have already returned to - and in some cases exceeded - pre-recession levels," DTZ head of Asia Pacific research David Green-Morgan said.

"Of all the regions, Asia pacific is forecast to experience the most rapid annual growth over the next five years - 4.4 per cent, compared to 2.4 per cent over the previous five years.

"As such, the top five fastest growing markets worldwide are located in the region."

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