Hong Kong named world’s priciest office market
Hong Kong has become the world’s highest-priced office market, and Asia continued to dominate the list of the world’s most expensive office locations, accounting for seven of the top 10 markets, according to CBRE Research’s latest semi-annual Global Prime Office Occupancy Costs survey.
The overall prime occupancy costs of $290 per square foot per year in Hong Kong Central displaced London’s West End, with annual occupancy costs of $262 per square foot, which dropped to second place. Two submarkets in Beijing (Finance Street, with annual prime occupancy costs of $188 per square foot, and the CBD, at $182 per square foot) and a second submarket in Hong Kong (West Kowloon, at $179 per square foot) rounded out the top five. Three more markets in Asia also featured in the top 10 list: Tokyo (Marunouchi/Otemachi, at $160.47 per square foot), New Delhi (Connaught Place – CBD, at $149.71 per square foot) and Shanghai (Pudong, at $132.78 p