A survey of international office rental markets by CBRE found that Asian office markets dominated in rent prices; Manhattan was the only North American market to make the list – though the New York’s borough took up double its size by making it into the top 10 twice.
The survey noted that cities with IT and media hubs had the strongest growth in prime rents, largely thanks to co-working spaces. CBRE also highlighted that, while Asian markets were high, other markets had more steady growth.
Here are the top 10 most expensive places to set up shop:
1
Hong Kong (Central), Hong Kong
Annual rent of $269.26 per square foot
Central District, Hong Kong. (Mstyslav Chernov)
2
Beijing (Finance Street), China
Annual rent of $174.07 per square foot
Beijing, Financial Street. (Wikimedia Commons)
3
Hong Kong (West Kowloon), Hong Kong
Annual rent of $163.57 per square foot
West Kowloon, Hong Kong. (Pixabay)
4
New York (Midtown Manhattan), U.S.
Annual rent of $153.50 per square foot
Midtown, Manhattan. (Patrick Theiner)
5
Beijing (CBD), China
Annual rent of $151.87 per square foot
Beijing, CBD. (Morio/Wikimedia Commons)
6
London (West End), United Kingdom
Annual rent of $136.38 per square foot
West End London. (Steve Collis)
7
Tokyo (Marunouchi/Otemachi), Japan
Annual rent of $132.09 per square foot
Tokyo, Marunouchi/Otemachi
(663highland/Wikimedia-Commons)
8
Shanghai (Pudong), China
Annual rent of $120.11 per square foot
Shanghai, Pudong. (Pierre Selim)
9
New York (Midtown-South Manhattan), U.S.
Annual rent of $113.53 per square foot
Midtown Manhattan, South. (Bartek Roszak)
10
New Delhi (Connaught Place – CBD), India
Annual rent of $110.85 per square foot
Connaught Place, New Delhi. (Lokantha/Wikimedia Commons)
[CBRE] — E.K. Hudson