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Hong Kong tops list of world’s highest prime office rents

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According to commercial real estate services and investment firm CBRE’s research, prime office occupancy costs increased by 3.6% globally for the year ending Q1 2019, significantly higher than the 2.4% rate in the previous year and CBRE’s forecast growth rate of 2.0%.

All regions had increased growth rates in prime office occupancy costs from the prior year. APAC’s growth rate nearly doubled to 3.3%. Six of the 10 most expensive office markets are located in Asia.

For the fourth year in a row, prime office rents in Hong Kong’s Central district remained the highest globally. Office rents in Central and Kowloon surged 5.1 per cent and 10.1 per cent respectively, compared to the preceding year.

“New office buildings in Kowloon East, such as Two Harbour Square and Quayside (in Kwun Tong), have also attracted global financial services firms such as DBS and JPMorgan to take substantial office spaces,” said Alan Lok, executive director at CBRE.

Singapore’s annual prime office rents grew 17.3% year on year to US$114.28 per square foot.

Top 5 prime office occupancy costs in APAC (US dollars per sq. ft. per annum)
1. Hong Kong (Central) $322
2. Hong Kong (Kowloon) $208.67
3. Beijing (Finance Street) $187.77
4. Beijing (Central Business District) $177.05
5. Tokyo (Marunouchi/Otemachi) $167.82

Top 10 prime office occupancy costs in the world (US dollars per sq. ft. per annum)
1. Hong Kong (Central) $322
2. London (West end) $222.7
3. Hong Kong (Kowloon) $208.67
4. New York (Mid town Manhattan) $196.89
5. Beijing (Finance Street) $187.77
6. Beijing (Central Business District) $177.05
7. New York (Midtown – South Manhattan) $169.86
8. Tokyo (Marunouchi/Otemachi) $167.82
9. New Delhi (Connaught place – Central Business District) $143.97
10. London (City) $139.75

Source: SCMP.

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