Thinking of Setting Up a New SSO? Here Are 12 Locations You May Want to Think Twice About

New research reveals the world’s most expensive office space, the industries dominating them, and where the future lies. Most importantly: it's where Shared Services will NOT be going ... Despite the upheavals in financial markets in recent years, the financial sector is still the primary demand-driver for these locations and strong demand from niche financial and technology sectors is still driving up the cost of office space in many cities around the globe, according to new research by Jones Lang LaSalle. We reveal the 12 premier office districts that have been the biggest beneficiaries of the trend, where high competition is driving rents to new highs. If your services center strategy has included these areas, you may want to think again. The map below reflects a variety of global and regional economic trends and highlights key factors companies consider when seeking premier office space. All of these districts are within the world’s most internationally connected and easily accessible cities, home to the greatest number of corporate headquarters and the world’s top talent. What are global SSO rents? We will build this map out by adding in the cost of real estate where your shared services centers are located, based on your input. So email us the going rent per square meter or foot, in the city your SSO is based in (no company names will be quoted) and we'll build a global SSO-rent map. The Most Expensive Office Areas for 2013 are: 1. St James’s, LONDON: GBP 125 per sq. ft. per year (USD 194 per sq. ft. per year) Home to world-leading hedge and sovereign wealth funds, and niche wealth and investment managers, St James’s personifies the West End’s unparalleled accessibility, luxury amenities and proximity to clients. 2. Central, HONG KONG: HKD 105 per sq. ft. per month (USD 162 per sq. ft. per year) Complemented by first class hotels, luxury retail, excellent transport links and interconnecting walkways, Central is the location of choice for the city’s banking and finance community. 3. Finance Street, BEIJING: RMB 750 per square meter per month (USD 137 per sq. ft. per year) A Beijing submarket planned specifically for highest-tier financial institutions and major state-owned enterprises, Finance Street also attracts global investment banks and insurance companies. 4. Rue du RhÃµne, GENEVA: CHF 1,150 per square meter per year (USD 116 per sq. ft. per year) Rue du RhÃµne is Geneva’s prime location for private wealth management, banking and luxury retail brands. 5. Menlo Park, SILICON VALLEY, CALIFORNIA (USD 111 per sq. ft. per year) The epicenter of the technology universe, Sand Hill Road in Menlo Park is home to many venture capitalists. 6. Kremlin Area, MOSCOW: USD 1,150 per square meter per year (USD 107 per sq. ft. per year) Office space in Moscow’s Kremlin area is popular with Russian and international finance and legal tenants. New construction is tightly restricted, and that has helped further boost the value of office space in the area. 7. Fifth Avenue, MIDTOWN MANHATTAN, NEW YORK: USD 104 per sq. ft. per year Consistently ranked among the most expensive shopping streets in the world, Fifth Avenue is also home to numerous hedge funds looking for top-quality space in Midtown. 8. Raffles Place/Marina Bay, SINGAPORE: SGD 11 per sq. ft. per month (USD 103 per sq. ft. per year) The heart of Singapore’s financial district is served by a world-class subway system and is a vibrant environment for work, living and play. 9. Golden Triangle, Champs ElysÃªes area, PARIS: EUR 800 per square meter per year (USD 99 per sq. ft. per year) The center of Paris’s tourism and retailing is also an office hub for high-value-add businesses including international law firms and banks, and corporate tenants seeking accessible, high-quality buildings in close proximity to clients. 10. Marunouchi, TOKYO: JPY 28,600 per tsubo per month (USD 98 per sq. ft. per year) Marunouchi, located on the west side of Tokyo Station, is a long-established office precinct where the lower floors of buildings typically house luxury retail, and higher floors are office space. 11. Uraniastrasse and Paradeplatz area, ZURICH: CHF 900 / per square meter per year (USD 91 per sq. ft. per year) Uraniastrasse and the area round the Paradeplatz in the core CBD of Zurich feature excellent accessibility and amenities, with office space heavily dominated by the banking sector and private wealth management. 12. Lujiazui, SHANGHAI: RMB16 per square meter per day (USD 87 per sq. ft. per year) Lujiazui was transformed from empty grassland to a bustling financial district in just 20 years and is now Shanghai’s largest CBD, home to 650 Chinese and international financial institutions. Note: The list does not include several "emerging" and "frontier" cities, where severe supply issues create exceptionally high rents, such as Rio de Janeiro and Lagos.The extreme example is Luanda, Angola, where asking rents are as high as $200 per square foot.Many of these ‘thin’ markets are not directly comparable to the more mature markets featured on the list.Headline asking rents in Sydney would put this city in the Top 12, but taking exceptionally high incentive levels into account – typically over 30% of gross rent – Sydney lands just outside the Top 12. About Jones Lang LaSalle Jones Lang LaSalle is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. JLL operates in 70 countries from more than 1,000 locations worldwide and provides management and real estate outsourcing services. For more comments on this from CEO Colin Dyer, please visit his LinkedIn Influencer blog. [eventpdf]

Thinking of Setting Up a New SSO? Here Are 12 Locations You May Want to Think Twice About

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