New York: global office bargain city?

Midtown Manhattan has fallen to 10th place for the total occupancy cost for office space in Cushman & Wakefield’s Office Space Across the World 2008 survey. The survey calculated rent, taxes and utility costs to a create combined occupancy cost. At $100 per square foot, Midtown’s occupancy cost is far lower than London’s West End, which had the highest occupancy cost, $312 per square foot. Oslo, Norway, climbed the highest in the survey, rising 14 places to No. 11. Singapore rose 10 places to No. 7. The world’s 10 most expensive office spots saw rents increase by an average 40 percent last year, the report said. Istanbul had highest rental growth terms of local currency terms, as rents shot up 95 percent in the Levent district. TRD