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Occupancy Costs Rising

Wednesday, January 10, 2018  
Posted by: BOMA Austin
Office Space Across the World - graphic According to the latest Office Space Across The World, an annual survey report released by Cushman & Wakefield, global annual costs per workstation rose 1.5 percent in 2017, largely driven by a 4.2 percent increase in the Americas. Hong Kong and London remain by far the most expensive office markets in which to accommodate staff. Hong Kong costs have increased 5.5 percent to $27,431 per workstation per annum. London’s costs have fallen 19 percent since 2016, largely as the result of currency deprecation, to $22,665, but the city still holds the number two spot.

As occupancy costs rise, density also is increasing. The Americas lost five percent of space per employee compared to the five-year average. However, experts believe many employers have reached a “tipping point” where density is too high or the amount of collaborative space is too low to create a productive working environment. As competition among both cities and individual offices increases, there is a growing emphasis on user experience and employee well-being that may stabilize density levels.
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