Globalization of most businesses has resulted in the need to buy, rent or lease office spaces outside of the country.
More and more business houses are looking for office space in some of the fast developing cities in China, India, Middle East as well as Europe and the United Kingdom. This has in turn increased the per square foot cost of office space considerably in the last few years.
Shanghai, Mumbai and Dubai alone are expected to add a significant amount of office space in the current year in comparison to the hot local markets within the United States. London on the other hand still holds pride of place among earlier mentioned cities with regards to cost of office space.
New York office spaces have seen a surprisingly low demand despite being the “big Apple” of America. The reason for this again is the need to expand to foreign shores.