Office space in Dublin is the 10th most expensive in the world at €63.33 per square metre (psm) per month, a fall of almost 12% over the year.
Tokyo’s inner central district was the most expensive at €124.30.
The average cost of occupying office space shrank by 2.8% globally in the first quarter from a year earlier, with the world’s financial capitals absorbing the most damage from the global recession, according to a report by real estate services company CB Richard Ellis (CBRE).
Director of office agency at CBRE, Willie Dowling said: “Prime headline quoting office rents in Dublin have declined by over €100 psm in the last 12 month period, from a peak of €645 psm at the peak of the market in 2008.”
The average occupancy cost dropped 34.4% from a year earlier in Singapore, 31.5% in midtown New York and 29.9% in the Hong Kong central business district. Boston and Hong Kong citywide saw declines of 29.7% and 28.5%, respectively.
Midtown New York ranked 21st among the 50 most expensive office markets, down from 15th.
CBRE’s chief economist, Raymong Torto said: “The great global recession has clearly taken its toll on the world’s office markets, particularly those with significant concentrations of financial industry employers. Occupiers are now in a strong position to procure prime space.”
Occupancy costs fell most sharply in Singapore, midtown New York and Hong Kong’s central business district, according to CBRE Research and Consulting’s semiannual global office occupancy costs survey.
London’s West End fell from number one to number two, with the cost of occupancy tumbling to €116.85 psm from €211.12 a year earlier.
Moscow, Mumbai, New Delhi, Paris, Dublin, Milan, Luxembourg City, Geneva and Ho Chi Minh City were also more expensive than New York.