More yang for your yin
A recent report from Knight Frank has revealed that office space in Hong Kong is more than twice as expensive as prime commercial property in any other global city.
The firm analysed capital values for prime offices in 32 cities around the world and found that prime office space in Hong Kong had a value of $70,000 per square metre. This was significantly higher than second-placed Singapore, at $28,340 per square metre and more than three times as much as that of the City of London.
The table to the left gives the detail. An investor with $100 million to spend on office space would find that his money would buy more than 6,000 square metres of space in New York City, around 4,000 square metres in Paris and London but less than 1,500 square metres in Hong Kong.
“The availability of land and land values,” says Darren Yates, head of Global Capital Markets Research at Knight Frank, “are the fundamental issues that are driving rents and capital values in Hong Ko