Hong Kong loses to UK as world's most expensive office location

Rents pegged at HK$104.47 psf.

According to Cushman & Wakefield's Office Space Across the World 2013 report, Hong Kong is one of the world’s leading financial centres and attracts tenants from around the globe. For this year, Hong Kong is the world's 2nd most expensive office location losing to UK which has an occupancy cost of 2,137€/sq. m./year.

In terms of total occupancy cost per square foot, Hong Kong was also the most expensive location on a global basis in both 2011 and 2012.

Furthermore, Hong Kong has the most expensive rents in the Asian region at HK$104.47 psf (S$16.66 psf). 

Cushman & Wakefield adds, Hong Kong lost the top spot in 2013 due to a slight erosion in demand from the banking and financial sector and overall slowdown in the economy. Hong Kong is situated at the heart of the growing economies of the Asia Pacific region, making the city a strategic hub for occupiers.