The source adds the following information: "Net effective cost to occupier includes the gross rent (inclusive of property taxes and service charges) plus fit-out costs, less any concessions for rent-free periods."
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Annual cost of prime office space in selected markets worldwide 2025
In the fourth quarter of 2025, London (West End) was the market with the most expensive prime office space worldwide. The net effective cost for a prime office in London was close to * U.S. dollars per square foot annually. In the second and third markets in the ranking, Hong Kong and Midtown New York, prices also exceeded *** U.S. dollars per square foot, with Hong Kong at * U.S. dollars and New York Midtown at  U.S. dollars.
The global office real estate sector was severely affected by the coronavirus pandemic and the political and economic uncertainty that followed. With many companies placing expansion plans on hold and transitioning to hybrid working models, vacancies across many markets spiked and leasing activity slowed down.
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Savills. (May 11, 2026). Annual net effective cost for prime office space in selected markets worldwide in 4th quarter 2025 (in U.S. dollars per square foot) [Graph]. In ÌÇÐÄÆƽâ°æ. Retrieved July 31, 2026, from /statistics/973436/office-markets-annual-cost-per-sq-f-global/
Savills. "Annual net effective cost for prime office space in selected markets worldwide in 4th quarter 2025 (in U.S. dollars per square foot)." Chart. May 11, 2026. ÌÇÐÄÆƽâ°æ. Accessed July 31, 2026. /statistics/973436/office-markets-annual-cost-per-sq-f-global/
Savills. (2026). Annual net effective cost for prime office space in selected markets worldwide in 4th quarter 2025 (in U.S. dollars per square foot). ÌÇÐÄÆƽâ°æ. ÌÇÐÄÆƽâ°æ Inc.. Accessed: July 31, 2026. /statistics/973436/office-markets-annual-cost-per-sq-f-global/
Savills. "Annual Net Effective Cost for Prime Office Space in Selected Markets Worldwide in 4th Quarter 2025 (in U.S. Dollars per Square Foot)." ÌÇÐÄÆƽâ°æ, ÌÇÐÄÆƽâ°æ Inc., 11 May 2026, /statistics/973436/office-markets-annual-cost-per-sq-f-global/
Savills, Annual net effective cost for prime office space in selected markets worldwide in 4th quarter 2025 (in U.S. dollars per square foot) ÌÇÐÄÆƽâ°æ, /statistics/973436/office-markets-annual-cost-per-sq-f-global/ (last visited July 31, 2026)
Annual net effective cost for prime office space in selected markets worldwide in 4th quarter 2025 (in U.S. dollars per square foot) [Graph], Savills, May 11, 2026. [Online]. Available: /statistics/973436/office-markets-annual-cost-per-sq-f-global/
