The world’s most expensive office markets all got a cheaper this year.
More than 130 cities worldwide saw rent expenses decline an average of 7.7% in the year ended 30 Sept, CB Richard Ellis Group said in today. Almost 50 cities reported declines of more than 10%. Rental costs fell about 30% in Midtown Manhattan, 53% in Singapore and 41% in central Hong Kong.
'The places that went up the fastest and highest also came down the fastest and at greater depth,' said Raymond Torto, chief economist for CB Richard Ellis, the largest publicly traded broker. 'You party Saturday night and you pay for it on Sunday morning. That’s true across the globe.'