Office occupancy costs in Singapore has doubled from a year ago to US$16,220 per workstation per annum, according to a survey by property consultant DTZ.
The result has catapulted Singapore's ranking globally to the 13th position. In 2006, Singapore occupied the 55th spot. The survey also found that Singapore recorded the second highest annual growth in occupancy costs per workstation after Moscow.
The DTZ survey uses workstation costs to better reflect the costs of accommodation.
137 business districts in 49 countries and territories were covered in DTZ's latest annual Global Office Occupancy Costs Survey.
At the top of the table was London's West End, which was also last year's most expensive location. It registered an occupancy cost of US$31,160 per workstation per annum.
Hong Kong followed in second position at US$27,540 per workstation. London (City) was at third position with US$20,690 per workstation.
The survey found that workers across the 137 business districts had an average 162 square feet of working space.
The lack of available office space and soaring rents in some Asia Pacific locations prompted companies to reconfigure their office space to meet expansion needs.
As a result, there was a drop in space utilisation standards in these countries. - CNA/ch
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