Tracking office rent

Think you’re paying too much for that swanky office space you leased in downtown Calgary? It could be worse, you could live in one of the other 48 cities around the world that outrank the city when it comes to expensive office space.

CB Richard Ellis conducted a global survey to find out where the most expensive office space in the world was located, and you need to scroll down pretty far before reaching any Canadian content (Toronto comes in at 34th, Vancouver at 39th and Calgary at 49th).

Here are some other findings from the report:

• Prices fell in 133 markets, and climbed in 53.

• London’s west end is the world’s most expensive market, with occupancy costs clocking in at $185.72 a square foot. Toronto was listed at $60.77.

• The most expensive North American city doesn’t appear until 26th place, with New York City listed at $65.49.

• From March, 2009, till March, 2010, world office rents dropped 4.6 per cent, with larger markets falling 6.4 per cent. Singapore led the decliners, down 36 per cent. Rio de Janeiro gained 17 per cent, the best performance.

• Latin America held up better than the rest of the world and is the only region posting positive gains, with an average 3.4 per cent increase.

(prepared by Steve Ladurantaye/Globe & Mail)