Manhattan’s office rents barely top London’s: report

Hong Kong is the world’s most expensive market

New York /
Dec.December 07, 2017 08:30 AM

Hong Kong, China

Hong Kong’s prime office market is still a lot more expensive than Midtown Manhattan’s — by a whopping 66 percent.

Office space in Hong Kong’s Central district costs $323 per square foot on average, a number that includes taxes and service expenses in addition rent, according to brokerage JLL. That makes it the most expensive office market in the world, and by a wide margin.

Midtown Manhattan came in second at $194 a square foot, barely ahead of West London at $193 per square foot.

Meanwhile, Cushman & Wakefield released a report stating that a desk in Hong Kong prime office space costs $27,432 per month on average.

“For the same cost of accommodating 100 staff in a Hong Kong office, 300 can be accommodated in Toronto, 500 in Madrid and 900 in Mumbai,” the report said.

The report noted that if tenants look outside Central Hong Kong, rents are cheaper by as much as 64 percent.

Last month, Ck Asset holdings said it would sell a majority stake in its 73-story office tower for $5.14 billion, a record. Earlier this year, Henderson Land Development paid $6,397 a square foot for a commercial site in the heart of Central Hong Kong.

[Reuters]Konrad Putzier


Related Articles

arrow_forward_ios
SL Green CEO Marc Holliday and One Vanderbilt (Getty)
SL Green asking record $322 psf at One Vanderbilt
SL Green asking record $322 psf at One Vanderbilt
Hybrid horizons: How 3 Manhattan office tenants are retooling the workplace
Hybrid horizons: How 3 Manhattan office tenants are retooling the workplace
Hybrid horizons: How 3 Manhattan office tenants are retooling the workplace
Employees revolt against return-to-office edicts
Employees revolt against return-to-office edicts
Employees revolt against return-to-office edicts
Diamond District building sold for $101M
Diamond District building sold for $101M
Diamond District building sold for $101M
80 Pine Street and Rudin Management's Bill Rudin
Rudin Management nabs $100M loan for 80 Pine
Rudin Management nabs $100M loan for 80 Pine
1777 Sixth Avenue with CalSTRS CEO Cassandra Lichnock (Google Maps, CalSTRS)
CalSTRS deal values 1177 Sixth Ave at $860M
CalSTRS deal values 1177 Sixth Ave at $860M
From left: Vornado's Steven Roth with 11 Pennsylvania Plaza and 1540 Broadway (Getty, Jorge Láscar/Flickr, VNO)
Manhattan office rents under pressure with 17% availability
Manhattan office rents under pressure with 17% availability
UBS CEO Ralph Hamers (Getty, ING Group / Sander Stoepker)
UBS Group going hybrid as workers return
UBS Group going hybrid as workers return
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...