COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Hong Kong Central's office space is still the world's priciest

It costs an average of $210 psf monthly.

Hong Kong cements its status as one of the world’s priciest property hubs as Central clinches the top spot as the world’s most expensive premium office for the second year in a row, according to JLL’s latest Premium Office Rent Tracker.

The monthly rent for Central offices cost $210 per square feet (US$323 psf).

Midtown New York comes in at second with $1516 psf (US$194) closely followed by West End London at $1508.23 (US$193).

“Hong Kong’s high premium office rents are driven by ongoing supply shortages and high demand from firms from mainland China. This tight vacancy has boosted rents in Hong Kong’s office market by 0.8 per cent quarter-on-quarter in Q3 2017,” said JLL Hong Kong Head of Research Denis Ma.

PRC companies are also expected to drive office leasing demand in Central next year as JLL forecasts Grade-A office rents to rise up to 5% next year.

JLL adds that Hong Kong retains its competitiveness as a global office hub as its steep property prices are correspondingly offset by high rental discounts in non-core business districts.

Photo from Michal Osmenda from Brussels, Belgium - Panorama of Hong Kong Central from Victoria Peak, CC BY 2.0

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