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HK tops most expensive office list, Beijing closing in
By Cherry Cao |
July 16, 2012, Monday
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HONG Kong was the No. 1 location for global office occupiers while Beijing's Jianguomen CBD (No. 4) and Beijing's Finance Street (No. 6) also ranked among the world's Top 10 most expensive office markets, according to a latest survey released by the world's largest real estate services provider.
Hong Kong's CBD led the "most expensive" list with an overall occupancy cost of US$246.83 per square foot per annum, trailed by London's West End (US$220.15) and Tokyo (US$186.49), CB Richard Ellis said today in its semi-annual Prime Office Occupancy Costs survey, which tracks 133 markets around the globe.
Shanghai Puxi finished at No. 11 and Shanghai Pudong at No. 17.
Asia Pacific, which holds six of the Top 10 most expensive markets worldwide, registered the strongest year-on-year growth – 7.8 percent on average, in occupancy costs, topping America's 5 percent and EMEA's (Europe, Middle East and Africa) 0.4 percent.
Beijing's Jianguomen CBD, in particular, led all gainers with a rise of 49.4 percent over the past 12 months. It was immediately followed by Beijing's Finance Street and Guangzhou, in southern Guangdong Province, which jumped 42 percent and 40.4 percent, respectively.
Strong demand drove Beijing's rise, particularly from domestic financial institutions, combined with lack of available space in Finance Street, the survey concluded.
Of the world's Top 50 most expensive markets, 19 are in Asia Pacific, 19 in EMEA and 12 in the Americas.
"The most expensive office locales are increasingly located in dynamic markets across the emerging economies as office occupiers diversify their global footprints in these markets to take advantage of rising incomes and the availability of labor," said Raymond Torto, CBRE's global chief economist.
Globally, occupancy costs increased in 80 markets, decreased in 24 with the rest seeing no change from a year earlier, according to the survey.
Hong Kong's CBD led the "most expensive" list with an overall occupancy cost of US$246.83 per square foot per annum, trailed by London's West End (US$220.15) and Tokyo (US$186.49), CB Richard Ellis said today in its semi-annual Prime Office Occupancy Costs survey, which tracks 133 markets around the globe.
Shanghai Puxi finished at No. 11 and Shanghai Pudong at No. 17.
Asia Pacific, which holds six of the Top 10 most expensive markets worldwide, registered the strongest year-on-year growth – 7.8 percent on average, in occupancy costs, topping America's 5 percent and EMEA's (Europe, Middle East and Africa) 0.4 percent.
Beijing's Jianguomen CBD, in particular, led all gainers with a rise of 49.4 percent over the past 12 months. It was immediately followed by Beijing's Finance Street and Guangzhou, in southern Guangdong Province, which jumped 42 percent and 40.4 percent, respectively.
Strong demand drove Beijing's rise, particularly from domestic financial institutions, combined with lack of available space in Finance Street, the survey concluded.
Of the world's Top 50 most expensive markets, 19 are in Asia Pacific, 19 in EMEA and 12 in the Americas.
"The most expensive office locales are increasingly located in dynamic markets across the emerging economies as office occupiers diversify their global footprints in these markets to take advantage of rising incomes and the availability of labor," said Raymond Torto, CBRE's global chief economist.
Globally, occupancy costs increased in 80 markets, decreased in 24 with the rest seeing no change from a year earlier, according to the survey.
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