Hong Kong overtakes West End for most expensive office space
CENTRAL Hong Kong is now the most expensive place in the world for prime office space, according to new research.
Premium offices in Hong Kong will cost businesses owners over £97 per sq ft per annum, says the report by Knight Frank. London’s West End, previously the most expensive place for office space, will cost £92.50 per sq ft per annum to rent.
The City of London comes 8th in the global office rents list, which is based on data collected throughout 2011.
Matthew Colbourne, senior international research analyst at Knight Frank, commented:
“Office occupiers remain cautious in many international markets, particularly with concerns over the strength of the global economy, and the future of the Eurozone, resurfacing in recent months. The pace of prime office rental growth in Europe slowed significantly in the second half of 2011, with rents remaining essentially flat in markets such as London (West End) and Frankfurt.
“Asian cities are experiencing mixed fortunes; while confidence remains high in mainland China, falling office rents were observed in late 2011 in markets dependent on demand from international financial occupiers, such as Hong Kong and Singapore.”
Global Office Rents Top 10
- Hong Kong
- London (West End)
- Tokyo
- Moscow
- Paris
- Singapore
- Perth
- London (The City)
- Geneva
- Sydney