San Francisco, Manhattan Top-Ranked Tight Markets
To paraphrase a 1960s' ditty, if you're going to San Francisco, be sure to wear some major lines of credit in your hair. Or if you're ready to warble, "I'll Take Manhattan," get your wallet ready.
That's the top of the pops in U.S. office vacancy rates, with San Francisco and Manhattan respectively ranking as the tightest major markets (see chart below), according to "CoStar Property's Mid-Year 1999 Statistics" (www.costargroup.com).
Space users may find different bottom-line meanings in this data. Obviously, top-ranked markets' space will be tight and likely pricey. Conversely, those markets are also booming for a reason, one that may dictate locating one of your facilities there.
Top 10 Tightest
U.S. Office Markets
1. Greater San Francisco
4.6%
2. Manhattan, N.Y.
5.6%
3. Greater Washington, D.C. .
5.9%
3. Oakland, East Bay, Calif. .
5.9%
3. Orlando, Fla. .
5.9%
6. Austin, Texas.
7.0%
7. Boston.
7.4%
8. Tampa/St. Petersburg, Fla. .
8.3%
9. Long Island, N.Y. .
8.9%
9. Jacksonville, Fla. .
8.9%
Source: CoStar Property. Office inventory includes owner-occupied and build-to-suit projects.
Relocation Costs: The Nanny Factor
Nannies may be the last thing you're thinking about in transferring your employees to far-flung facilities. Think again. The nanny can be a major, broadly varying cost-of-living item for expatriates, according to a 12-nation study by ECA Windham (www.windhamworld.com), a New York City-based international relocation firm.
In Australia and the United States, for example, you'll pay at least US$10 a hour for a non-live-in nanny working five nine-hour days per week. In surprisingly stark comparison, live-in nannies go for only $4.90 an hour in Japan and $3.82 an hour in Germany. China has the cheapest nannies, at only $0.85 per hour.
Counting the Nanny Cost
($US)
1. Australia
$10.28
2. USA.
$10.00
3. United Kingdom
$9.17
4. Italy
$8.22
5. Canada
$5.16
6. Japan (live-in)
$4.90
7. Germany (live-in)
$3.82
8. Brazil (live-in)
$3.50
9. Argentina
$2.49
10. Thailand
$1.38
11. Mexico
$0.88
12. China
$0.85
Source: ECA Windham.
EU's Graying Altering Labor Cost Outlook
As with U.S. labor, the European Union's (EU) work force is rapidly aging, with major cost implications, says a new report from Eurostat (www.europa.eu.int). In most EU regions over the next 30 years, the population aged 60 or older will double, necessitating extensive training and retraining, says Luxembourg-based Eurostat.
EU islands and capital cities will be least affected by the work-force graying (see top 10 chart below), with Portugal's Acores and Madeira regions respectively ranking as the No. 1 and No. 2 youngest areas in 2025.
Top 10 'Youngest' EU Regions in 2025
(projected population aged 60 and over)
1. Acores (Portugal)
18.0%
2. Madeira (Portugal)
19.3%
3. Ceuta/Melilla (Spain)
19.6%
4. Greater London
21.6%
5. Ile de France
21.7%
6. Ireland*
23.4%
7. Murcia (Spain)
23.6%
8. Canarias (Spain)
23.7%
9. Norte (Portugal)
23.7%
10. Northern Ireland
24.0%
Source: Eurostat. *Ireland is not divided into regions in this report.
