Although London’s West End retained its top position as the world’s most expensive prime office market, prices in Hong Kong are quickly catching up
In fact, Hong Kong (Central) is the only market after the British capital where prime occupancy costs breached the USD200 per sqft threshold, according to CBRE’s Global Prime Office Occupancy Costs survey.
Out of the 127 markets monitored worldwide, 79 markets saw an occupancy cost growth, 28 recorded a decline and 20 markets saw no change. From the 79 markets, nine saw a price increase by more than 10 percent. The leading markets with positive price growth were Dublin, downtown Seattle and Panama City.
The Asian markets have seen a general rise in prices, and 20 of them are ranked in the 50 most expensive markets, with central business districts in India and the Philippines gaining from the very strong IT and business process outsourcing sectors. Meanwhile, 19 markets in EMEA and 11 in the Americas make up the rest of the top 50.
Check out Property Report magazine’s June/July 2015 issue featuring the growth of the office market in Manila and its impact on luxury residential developments in the Philippine national capital region
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Could office occupancy rates in Hong Kong soon surpass London?