Hong Kong Remains the Most Expensive Office Market
Hong Kong has maintained its position as the priciest office market, followed by London and New York, according to CBRE’s annual Global Prime Office Occupancy Costs report.
Hong Kong’s Central topped the list with prime office occupancy costs reaching US$303 per sq. ft. per annum, followed by London’s West End (US$213.85 per sq. ft.) and New York’s Midtown Manhattan (US$203 per sq. ft.). Hong Kong’s West Kowloon (US$190 per sq. ft.) dropped one place to 4th while Beijing’s CBD (US$183 per sq. ft.) rounded the top five.
“Grade A office rents in Central have increased by 3% in the first five months of 2017, due largely to the exceptional low vacancy rate (1.5%) and robust demand from mainland corporations,” said Darren Nugent, Executive Director, Advisory & Transaction Services - Office, CBRE Hong Kong.