Report: Hong Kong Most Expensive Office Market
July 18, 2012
According to CBRE Global Research and Consulting’s semi-annual Prime Office Occupancy Costs survey, Hong Kong-CBD was the world’s most expensive office market last year.
Hong Kong’s CBD had overall occupancy costs of $248.83 per sq. ft in 2011. This topped London’s West End, which had total occupancy costs of $220.15. Tokyo’s was the third-most expensive market for office space, followed by Beijing’s Jianguomen (CBD) and Moscow.
According to the report, of the top 50 “most expensive” markets, 19 are located in Asia-Pacific, 19 are in EMEA (Europe Middle East and Africa) and 12 are in the Americas.
Other Asia-Pacific markets in the top 10 include Beijing-Finance Street (No. 6), Hong Kong-West Kowloon and New Delhi-Connaught Place, CBD (No. 9).
North America is led by Midtown New York (No. 18), which posted an office occupancy cost of $114.30 per sq. ft. Overall, 32 markets in the Americas saw occupancy costs for the year rise, while only six experienced declines.