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Realtor: Price for Bermuda office space equal to or less than world’s top cities

The supply of office space currently exceeds demand resulting in very competitively priced office accommodation in Hamilton, according to the Coldwell Banker Commercial report for May.

The realtor also points out that the price per square foot of office space in Bermuda’s capital is actually equal to or less than top cities including New York, London, Boston, Toronto and Hong Kong.

“With record office inventory and realistic pricing, coupled with residential supply to match, there are no accommodation barriers to businesses looking to make Bermuda home,” the realtor said.

More than 50 percent of the available space is already fitted out and available for immediate occupancy.

“Bermuda’s occupancy cost averages in the mid $60s per sq ft per annum (the range is from a high of $110 per sq ft per annum for new waterfront to as low as $45 per sq ft per annum for well kept 10+ year old space),” the report said.

“That means this prime offshore domicile is equal to or less expensive than the top 50 most expensive cities listed by CB Richard Ellis in their December 2012 report. These include London (City), New York (Downtown and Mid-town), Boston, Toronto, Hong Kong and Dubai to name a few.”

The realtor added: “With reinsurance company consolidations and the new Waterloo House development on Pitts Bay Road nearing completion, new high quality space in preferred locations is now coming on to the market.”

Examples of prime office space ready for occupancy include:

l Wellesley House, 2nd Floor — 12,831 sq. ft. Asking rent $60 per sq ft per annum Service Charge $23 per sq ft per annum.

l IAS Park Building, 1st Floor — 10,000 sq ft Asking rent $33 per sq ft per annum, plus Service Charge (including Electricity and Bermuda Government Land and Corporation of Hamilton Taxes) of $16.51 per sq ft per annum.

l Ram Re House, 1st Floor — 2,600 sq ft Asking rent $40 per sq ft per annum or $8,666.67 per month plus Service Charge per sq ft. $9.65 per annum or $2,091 per month; Electricity estimated at $7.58 per sq ft per annum or $1,642.33 per month; Bermuda Government Land and Corporation of Hamilton Taxes currently estimated at $12,825 per annum, in total.

Looking for a tenant: The second floor of Wellesley House on Pitts Bay is available for asking rent of $60 per sq. ft. per annum. Bermuda is seeing record office inventory and realistic pricing, says Coldwell Banker Commercial.

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Published May 03, 2013 at 9:00 am (Updated May 02, 2013 at 5:16 pm)

Realtor: Price for Bermuda office space equal to or less than world’s top cities

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