Hong Kong named most expensive office market
Hong Kong is the world’s highest-priced office market, according to CBRE’s new Global Prime Office Rents survey.
European markets showed the most consistent growth in prime office rent, mostly due to a lack of supply. Northern Ireland’s Belfast (up 25 percent year-over-year) led the way among the 121 cities surveyed.
Hong Kong had two of the top three most expensive office submarkets. Hong Kong’s Central held the top spot, with prime office rent of $264 per square foot per year, and Hong Kong’s West Kowloon was third, with rents of $163 per square foot.
Rounding out the top five were two mainland Chinese markets — Beijing’s Finance Street at No. 2 ($179 per square foot) and Beijing CBD at No. 4 ($156 per square foot) — and London’s West End at $146 per square foot. The most expensive market in North America was Midtown Manhattan, No. 6 on the global list, with a prime office rent of $144 per square foot.