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The development of office space in London is “inconsistent” with that of other major cities, according to a new report which was published earlier this week. The report from the British Council for Offices (BCO), entitled “International Office Specifications – a Tale of Six Cities”, takes a look at available executive office space in, as the report title suggests, six major cities – Abu Dhabi, Bangalore, Moscow, New York, Shanghai – and, of course, Central London.
Even before the report had actually been published, Property Week had leaked the news that the British Council for Offices would be calling for new ways of benchmarking Grade A office space all over the world.
Gordon Carey, the former President of the British Council for Offices, says that the report shows that inconsistencies “negatively impact” on the levels and values of rental properties used for office space. While Carey concluded that having a global gold standard for office space was simply not possible due to different climate and market demands, and differing cultures, he believes that more could still be done in each local area to improve the standard of grading for available office space. “The findings show there is a strong case for the establishment of standards in distinct local markets,” Carey says. “These standards should be set locally.”
Carey guided delegates through the findings of the document in a conference on Tuesday, saying that improved standards set locally in each city would help provide better working environments for both investors, landlords and occupiers.
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