Hong Kong is the most expensive office location in the world, according to the JLL’s Premium Office Rent Tracker report.The report reveals the occupancy costs of the world’s major cities from established world cities (such as New York, London and Tokyo) to emerging world cities (like Shanghai, Moscow and Mumbai) and new world cities (as typified by San Francisco, Boston and Toronto).
The Tracker includes the key elements of occupancy costs – net effective rent, service charges and property tax – all standardised to enable true international comparisons.
Predictably the world’s three most globally connected cities – Hong Kong (1st), London (2nd) and New York (4th) –command among the world’s highest costs and they continue to inflate on the back of strong tenant demand combined with severe shortages of high quality space. For example, vacancy rates are as low as 1.2% in Hong Kong Central, 2.6% in London’s West End and 6.3% in New York’s Midtown South.
Here are the five most expensive office locations (US$/s.f./year);
1) Hong Kong – $262
2) London – $240
3) Beijing – $199
4) New York – $171
5) Shanghai – $136