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China on high with 40% of world’s 79 towers
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CHINA is home to about 40 percent of the world’s 79 skyscrapers of at least 1,000 feet (304.8 meters) high, according to a research by Knight Frank.
“The expansion upwards in the major Chinese cities has been a remarkable phenomenon over the past decade,” said Nicholas Holt, head of research for Asia-Pacific at Knight Frank, which just released the Skyscraper 2015 Report after tracking prime office rents in 18 markets worldwide.
“The fact that 40 percent of skyscrapers in the world with heights over 1,000 feet are in China underlines the growing importance of the country’s economy on the world stage,” Holt pointed out.
Globally, Hong Kong still tops the Skyscraper Index with the world’s highest office rent at US$250.50 per square foot per annum for the fourth quarter of 2014.
Shanghai ranked 10th in the index, with skyscraper office rent of US$68.75 per square foot per annum.
The Skyscraper Index ranks cities based on a scoring system that measures a range of criteria including skyscraper office rents and yields, the spread offered by investment yields compared with national bonds, the number of high rises built and growth prospects for the city.
Shanghai’s skyscrapers are clustered in Little Lujiazui in the Pudong New Area.
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