London Slipping in European Office Space League Table

Flashy, state of the art, office design in London has always gone hand in hand with some of the most expensive office rental rates in Europe. However, research has just revealed that London’s West End has seen a massive 45% drop, and another of the UK’s major office commercial districts, known as ‘The Square Mile‘, by almost 40%.

In 2008 The City was ranked third most expensive in Europe, behind the West End and the Russian capital Moscow. By the first quarter of 2009, The City has dropped down to sixth place, not even making the top five and behind the Irish Capital of Dublin.

The statistics come from research by Oncor International, a property consultancy, and NB Real Estate. The Canary Wharf, part of London’s famous Docklands commercial office district, was not included in those statistics.

James Crisp is the director of research for NB, and he commented that the sudden downturn had certainly been affected by “the collapse in sterling versus the Euro”. However, Crisp also believes this could be advantageous for London, making ‘The City’ much more competitively priced.

While London has been hit hard, Paris commercial centre Paris commercial centre ‘La Defense

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