London’s West End remains the world’s highest-priced office market
London’s West End was the world’s highest-priced office market for the second straight year, and Hong Kong Central, Beijing Finance Street, Beijing Central Business District and Hong Kong West Kowloon rounded out the top five most expensive spots in the rankings, according to CBRE Research’s semi-annual Global Prime Office Occupancy Costs survey.
London’s West End recorded overall prime occupancy costs of US$2,934 per square metre per year. Hong Kong (Central) ranked second, with prime occupancy costs of US$2,899 per square metre, followed by Beijing (Finance Street) at US$2,056 per square metre, Beijing (CBD) at US$1,969 per square metre, and Hong Kong (West Kowloon) at US$1,744 per square metre.
In the Americas, prime occupancy costs increased by 3.1 percent year-over-year as office-using employment growth stimulated demand for commercial real estate nationwide, including in some key non-gateway and suburban markets.
New York (Midtown Manhattan) retain