Asia dominates world's most expensive office markets

Asia has continued its domination of the world's most expensive office locations with Hong Kong-Central remaining the highest priced market according to CBRE Global Research and Consulting's semi-annual Prime Office Occupancy Costs survey.

With an overall occupancy cost of US$235 per sq. ft. per year (US$2,162 per sqm per year), Hong Kong-Central topped the list for the third consecutive time.

The top five most expensive markets were:

    1. Hong Kong Central, Hong Kong
    2. West End, London
    3. Finance Street, Beijing
    4. Jianguomen CBD, Beijing
    5. Connaught Place, New Delhi

Sydney was the highest priced Australian market in 13th position, followed by Perth (21st), Brisbane (29th), Melbourne (49th), Adelaide (71st) and Canberra (93rd).

Perth also made it into the Top 20 list of cities with the biggest increase in occupancy costs, ranking in 16th place.

Globally, occupancy costs rose by 1.4% on a year-over-year basis as modest growth in the Americas and Asia Pacific was partly offset by a slight decrease in recessionary Europe.

“While the pace of occupancy cost growth globally has slowed, limited supply of prime space in key core business centers has fueled continuous upward movement of occupancy costs,” said Dr. Raymond Torto, CBRE's Global Chief Economist.

“The most expensive office markets often attract the regional headquarters of large multinational firms that require a prime location in a prestigious building with access to major global and regional transit routes.”

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