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HONG Kong has overtaken London as the world’s most expensive office rental market while Beijing and Shanghai have glided into the top-five ranking, global property consultancy JLL said in a latest report.
Renting a top quality office in Hong Kong will cost an average US$262 per square foot per year (US$2,819 per square meter per year) as strong tenant demand and a shortage of premium grade space jointly pushed prices up. That overtook London where rents in premium buildings average US$240 per square foot per year, according to JLL’s first edition of Global Premium Office Rent Tracker.
Beijing, which is rapidly growing its global business network, ranked third at US$199 per square foot per year while in New York, top rents averaged US$171 amid increasingly rising demand from the technology and media sectors. Shanghai, boosted by the growth of domestic enterprises, ranked fifth with an average cost of US$136.
“Our research reveals that half of the top-10 cities are in Asia,” said Chris Archibold, head of markets at JLL Singapore. “A large part of the global growth is now driven out of Asia and international businesses will continue to be keen to set up their presence in the region. In order to remain competitive from a real estate perspective, these cities will need to ensure a supply of appropriately priced, flexible commercial space.”
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