Hong Kong has again topped the global office real estate rankings compiled by Colliers International.
Hong Kong’s prime office rents, the world’s highest, jumped more than a third in 2010 with tenants paying almost double the cost in the City of London, according to Colliers International Research.
Prime office buildings in Hong Kong fetched $2,066.35 per square meter (11 square feet) as of Dec. 31, 2010, compared with $1,523.31 a year ago, Colliers said in its Global Office Real Estate Review. London’s West End was the second-most expensive, costing $1,431.82 a square meter, while the City of London was fifth at $1,073.92 a square meter. Tokyo and Paris were in third and fourth place, at $1,130.21 and $1,099.53 respectively.
All of the top 20 cities tracked by Colliers recorded higher office rents in the second half. Office construction is highest in the Asia-Pacific region, accounting for 42 percent of global building, driven by growth in demand, particularly in China, India, Indonesia and the Philippines, Colliers said.
5 Hong Kong (Grade A)
Annual rent: $2,066.35 per square meter
4 London (West End)
Annual rent: $1,431.82 a square meter
Annual rent: $1,130.21 a square meter
Annual rent: $1,099.53 a square meter
1 London (City)
Annual rent:$1,073.92 a square meter
Source: Colliers International