The Real Deal New York

City with the priciest “nosebleed” office tower rents? Not NYC

High floors in Hong Kong go for more than twice what they do in New York

March 06, 2014 11:25AM

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langham-place

Langham Place (center) in Hong Kong

Hong Kong tops New York City when it comes to office leasing in towers, as investors are open to paying twice the price for equivalent space in the former, according to a report from Knight Frank.

Skyscraper office space sold in Manhattan goes for an average price of $25,740 per square meter. Meanwhile, in Hong Kong, it sells for $69,222 per square meter. Tokyo also beats New York in this category, with $42,283. Of the 10 priciest cities for office space in the world, half of them are located in the Asia-Pacific region.

The report also projects that New York will become the most important city for the richest people in the world in next nine years, surpassing London for the title. The wealthiest are considered those with a net-asset portfolio exceeding $30 million, not counting a primary residence.

Hong Kong’s Causeway Bay beats Fifth Avenue in retail rents, as previously reported. [Bloomberg News]Mark Maurer

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