New York City is ranked as the second-highest priciest office rents in the world. There are 12 cities all over the world wherein the office rents are considered really expensive.
According to the report of Real Deal,rents in offices in New York City are "damn high." It is noted that "tenants in the city pay $153 on average for a square foot of prime office space." This information is taken from the data of Knight Frank. Figures show that NYC becomes "the second most expensive office market after Hong Kong." Tenants in Hong Kong pay an average rent of $255.50 per square foot.
Knight Frank's Skyscraper Index listed 12 cities that have the most expensive office rents. Top 5 are are the following: first Hong Kong with average rent of $255.50/ sqm, second is New York City wherein the rent is $153/ sqm, third Tokyo with ave. rent of $125/ sqm, fourth London with ave rent of $122/ sqm, and fifth San Francisco with ave rent of $105/ sqm. The runners up are Singapore, Sydney, Moscow, Boston, Los Angeles, Shanghai, and Chicago. Among the 12 cities all over the world, 5 of these are from the United States.
According to the report, the office rents in Hong Kong and New York "grew by 2% in the six months ending in June" as reported earlier by Forbes. However, the rents in offices grew much faster in London over the said given period by 11%.
In a separate report of CNBC, it says that Hong Kong has been the most expensive office rents because of land-scare. The demand is also high in the office market, and this "demand is not expected to wane, according to property consultancy Knight Frank." The consultancy firm also has forecasted that by 2018, office rent in Hong Kong will increase by 12% because of its lack of supply.
Do you think the price of rent in Hong Kong and other cities reasonable? Share with us your opinion about the office market in those 12 cities mentioned by Knight Frank.
