The World’s Priciest Office Markets
Which markets offer the highest premiums on office space across the globe? The CBRE Group, a real estate services and investment firm, recently ranked the top prime office markets by occupancy costs worldwide.
In their ranking, they factored in rental costs, local taxes, and service charges. While the global economy has been somewhat unpredictable over the last year, overall, global prime office occupancy costs rose 2.4 percent year-over-year.
“We expect the global economy to keep growing, and the global service sector, the primary occupier of prime office properties, will continue to expand through periods of volatility," says Richard Barkham, global chief economist for CBRE. “Since inflation is low, the growth in prime office occupancy costs is significant for both users and investors.”
Here are the cities from across the globe that topped its list:
1. Hong Kong Central
Cost per square foot: $290
2. London West End
Cost per square foot: $262
3. Beijing Financial Street
Cost per square foot: $188
4. Beijing Central Business District
Cost per square foot: $181
5. Tokyo Marunouchi District
Cost per square foot: $179
6. Hong Kong West Kowloon
Cost per square foot: $179
7. New Delhi Connaught Place
Cost per square foot: $149
8. London (Central City)
Cost per square foot: $146
9. New York City
Cost per square foot: $136
10. Shanghai Pudong
Cost per square foot: $132
Other U.S. areas making the full top 50 list included: San Francisco (downtown) at $120.48 per square foot at number 12; Washington, D.C. (downtown) at $88.30 per square foot was number 24; New York (downtown Manhattan) at $86.08 per square foot at number 26; Los Angeles (suburban) at $81.25 at number 28; and Houston (downtown) at $62.50 at number 44.
Source: CBRE
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