Crazy Hong Kong office rents skyrocketed 33% in 2010

Hong Kong registered the highest annual office rents growth in Asia Pacific outranking Beijing, Singapore and Shanghai.

According to Jones Lang LaSalle, Beijing recorded the largest quarterly rental growth of 9.0% in 4Q10, while rents in Shanghai grew by 7.9%, with the result for both markets being driven by strong spatial demand from MNCs and domestic corporates. Rents in Singapore grew by 8.6% q-o-q, underpinned by a temporary shortage of space. Hong Kong saw a further 4.6% increase on the back of a tight supply situation and solid demand by the financial sector.

On an annual basis, Hong Kong led the way across the region, recording a strong 33% increase in rents.