Occupancy Costs
The survey measures occupancy cost as
opposed to rents. Occupancy cost is defined
as the average total cost of leasing office
space in a modern, well-specified office
building within a prime Central Business
District location with net usable area of
approximately 10,000 sf (929 sm). It includes
rents and outgoings, such as maintenance
costs and property tax, if these are normally
payable by the occupier but excludes rent-free
periods, fitting out costs and other leasing
incentives. It does not take into account the
differences in leasing practices among
markets.
Global Synopsis
Following strong performance in 2000, office
markets around the world experienced
reduced levels of activity last year, reflecting
weaker economic conditions. The fallout in
the ICT (information technology and