Bucharest, Europe’s fifth cheapest office market

Sorina Negrila, 3 Nov 2009

Romanian version

The lowest prime office rents in European cities have been observed in Stuttgart, Germany, while Bucharest took the fifth spot, in top lowest open-market rents for Class A office spaces, a recent Jones Lang LaSalle office property study found.

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32. London West End, the most expensive office market

Jones Lang LaSalle examines the performance of 32 office markets across Europe, and takes into account prime units in central areas with over 500sqm of lettable floorspace.

West End district in London has kept in third quarter its leading position as the most expensive prime office market in Europe, headline rents remaining at Q2 levels, but fell 30.2% from year-ago period. In this area, for a prime unit, a company pays €883/sqm/annum.

London West End is followed by Paris, where a tenant pays €700/sqm/annum, same as in second quarter this year, but 15.7% less than a year-ago period.

The London City, the area represented by the historic core of London, office rents are slightly lower, hovering near €530/sqm/annum, same as in previous quarter. Compared to third quarter in 2008, rents in the City of London fell 25%.

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