Hong Kong offices are most expensive in the world
Office space in Hong Kong is more than twice as expensive as prime commercial property in any other global city, according to Knight Frank’s recently released Global Capital Markets Report.
As part of its 2015 outlook for global commercial property, Knight Frank analysed capital values for prime office properties in 32 cities, which showed that prime Hong Kong office space is valued at US$70,000 per square metre. This is significantly more than second-place Singapore at US$28,340 per square metre and more than three times as much as that of the City of London. New York City placed eighth; the Big Apple’s office space is valued at US$16,310 per square metre.
Knight Frank believes that global investment volumes will rise by at least 10 percent to more than US$700 billion in 2015, given the significant weight of capital targeting real estate. Finalised data for 2014 is expected to show that global investment volumes for commercial property exceeded US$600 bil