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Where in the world does it cost most to rent office space?


New report from JLL ranks most expensive office rental markets; 
Asia dominates top five

Hong Kong has the world¹s costliest office space, according to a new report by property consultancy JLL, beating London to the top spot in the first edition of the company¹s Global Premium Office Rent Tracker. 

Renting a top quality office in Hong Kong will set you back an average of US$262 per square foot per year as strong tenant demand and shortages of premium grade space push prices up. This compares with London, where rents in the best buildings average US$240 per square foot per year. Beijing, which is rapidly extending its global business networks, ranks third at US$199 per square foot per year.

In New York, top rents average US$171 as the technology and media sectors increasingly drive demand. Shanghai ranks fifth globally at $136, supported by the growth of domestic companies.

Our research reveals that three of the top five cities with the costliest office rents are in Asia and half of the top 10 are Asian cities, says Chris Archibold, head of markets at JLL Singapore. A large part of global growth is now driven out of Asia and international businesses will continue to be keen to set up their presence in the region; some of these markets have a shortage of supply driving rents northwards.  In order to remain competitive from a real estate perspective, these cities will need to ensure a supply of appropriately priced, flexible commercial space.

About the JLL Global Premium Office Rent Tracker

In this first edition, the reports focus is on office occupation costs across 24 cities of differing function and evolution, ranging from Established World Cities (such as New York, London and Tokyo) through 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 international comparisons.

Top 10 most expensive cities for renting office space
1.   Hong Kong
2.   London
3.   Beijing
4.   New York
5.   Shanghai
6.    Tokyo
7.    San Francisco
8.    Moscow
9.    Delhi
10.   Dubai

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