London, NY, Tokyo office rents fall for first time since '02

Office rents in London's West End, midtown Manhattan and Tokyo fell in the third quarter for the first time in almost seven years as the global financial crisis cut demand, CB Richard Ellis Group Inc said.

The total office occupancy cost in the West End was 139.50 pounds ($248.66) per square foot a year in the 12 months ended Sept 30, down 5.1 percent from a year earlier, Los Angeles-based CB Richard Ellis said in its semiannual global-office survey.

Rents in London, midtown Manhattan and central Tokyo last fell from a year earlier in January 2002, during the last recession.