Hong Kong’s high marks for high costs
As one of Asia’s most prominent business hubs, Hong Kong tops many regional and global lists pertinent to the real estate industry.
Hong Kong remains the second most expensive place to live in the world, behind Singapore, according to the Economist Intelligence Unit’s Worldwide Cost of Living 2017 survey, released in March.
And those living in Hong Kong work in the most expensive office market in the world, with prime office rents in Hong Kong (Central) fetching US$2,842 per square metre per year, and Hong Kong’s West Kowloon in third place with US$1,755 per square metre per year, states CBRE Group’s latest Global Prime Office Rents survey.
“Prime rent growth in Asia Pacific averaged 1.8 percent and was strongest in gateway cities,” notes CBRE’s report. “Hong Kong [West Kowloon] led the way at 9.3 percent due to strong demand from Chinese companies for premium locations and very tight supply conditions.”