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Hong Kong top for expensive offices
By Cherry Cao |
July 17, 2012, Tuesday
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Print Edition
Print Edition
HONG Kong is the most expensive location for global office occupiers while Beijing's Jianguomen (No. 4) and Beijing's Finance Street (No. 6) also rank among the world's most expensive office markets, according to a survey by the world's largest real estate services provider.
Hong Kong's central business district had an overall occupancy cost of US$246.83 per square foot per year (US$2,657 per square meter).
It was followed by London's West End (US$220.15) and Tokyo (US$186.49), CB Richard Ellis said yesterday in its biannual Prime Office Occupancy Costs survey of 133 markets.
Occupancy cost refers to rent, local taxes and service charges.
Shanghai's Puxi was No. 11 (US$130.78) on the list while the Pudong New Area came in at No. 17 (US$116.35).
Asia Pacific, which has six of the Top 10 most expensive markets, registered the strongest year-on-year growth - an average of 7.8 percent - topping America's 5 percent and EMEA's (Europe, Middle East and Africa) 0.4 percent.
Beijing's Jianguomen led gainers with a rise of 49.4 percent over the past 12 months.
It was followed by Finance Street and Guangzhou in southern China's Guangdong Province, which jumped 42 and 40.4 percent.
Beijing's rise was driven by strong demand, particularly from domestic financial institutions, combined with lack of space in Finance Street.
Of the 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, fell in 24 with the rest seeing no change from a year earlier.
Hong Kong's central business district had an overall occupancy cost of US$246.83 per square foot per year (US$2,657 per square meter).
It was followed by London's West End (US$220.15) and Tokyo (US$186.49), CB Richard Ellis said yesterday in its biannual Prime Office Occupancy Costs survey of 133 markets.
Occupancy cost refers to rent, local taxes and service charges.
Shanghai's Puxi was No. 11 (US$130.78) on the list while the Pudong New Area came in at No. 17 (US$116.35).
Asia Pacific, which has six of the Top 10 most expensive markets, registered the strongest year-on-year growth - an average of 7.8 percent - topping America's 5 percent and EMEA's (Europe, Middle East and Africa) 0.4 percent.
Beijing's Jianguomen led gainers with a rise of 49.4 percent over the past 12 months.
It was followed by Finance Street and Guangzhou in southern China's Guangdong Province, which jumped 42 and 40.4 percent.
Beijing's rise was driven by strong demand, particularly from domestic financial institutions, combined with lack of space in Finance Street.
Of the 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, fell in 24 with the rest seeing no change from a year earlier.
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