London’s West End remains 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’s Central, Beijing’s Finance Street, Beijing’s Central Business District and Hong Kong’s 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 $273 per square foot per year. Hong Kong’s Central ranked second, with prime occupancy costs of $269 per square foot, followed by Beijing’s Finance Street at $191 per square foot, Beijing’s CBD at $183 per square foot, and Hong Kong’s West Kowloon district at $162 per square foot.
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.