COMMERCIAL PROPERTY | Staff Reporter, Hong Kong

Hong Kong is most expensive office location worldwide in 1H 2011

With Class A gross rents averaging $214 psf /year.

According to Colliers International’s report, the Asia Pacific region posted strong results during the first half of 2011 reflected by the pan-regional vacancy rate tumbling 121 basis points to 11.42 percent. All but seven of the 25 markets tracked recorded lower vacancy rates.

Once again Hong Kong recorded the region’s lowest vacancy rate in the region at just 3.7 percent. Rents moved modestly higher in the first half of 2011, increasing an average of 2.9 percent.

The Asia Pacific region remains characterized by high levels of office construction with Bangalore, Beijing, Chengdu, Chennai, Delhi, Guangzhou, Ho Chi Minh City, Mumbai, Shanghai and Tokyo all with at least five million square feet of construction underway. Construction in these ten cities totaled 138 million square feet at midyear. In a ranking of highest office occupancy costs (average Class A gross rents) Hong Kong again took the top spot,  both within the region and the world, at $214.00 USD per square foot per year/$139.00 HKD per square foot per month.

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