MUSIC PLAYER AT BOTTOM

OVER 130 TOP HITS AVAILABLE ON OUR MUSIC PLAYER AT THE BOTTOM. TO VIEW THE LIST - CLICK ON MENU ICON AT THE BOTTOM RIGHT ... PLAYER NOT AVAILABLE FOR MOBILE PHONE / TABLET USERS

TO GET UPDATES IN YOUR E-MAIL PLEASE SUBMIT YOUR EMAIL ADDRESS

Saturday, 3 December 2016

Hong Kong, has managed to top Singapore with the most expensive office space.

Asian city the world’s priciest office

THE STAR
Source: JLL
Source: JLL
SINGAPORE may be the world’s most expensive city, but when it comes to the priciest office, another Asian island city has snatched the honour.
Recently, a Worldwide Cost of Living report for 2016 has named Singapore as the most expensive city in the world to live in. However, the second runner up in the list, Hong Kong, has managed to top Singapore with the most expensive office space.
According to JLL’s latest Global Premium Office Rent Tracker, Asian cities made up the bulk of the list – six out of ten cities recorded high rental rates despite only three cities made it into the list of highest living cost.
Topping the list with a significant lead was Hong Kong, where the price of a premium office space in Hong Kong’s Central District was more than 50% higher than the rates offered in London and New York.
The rental rate of Hong Kong’s office space hit a record high of approximately RM1,300 (US$302) per sq ft per year to rent, a 15% increase from a year ago. The factor driving this price surge was mainly due to a strong demand with a shortage of supply, as companies from Mainland China looked to grab a foothold in Hong Kong.
Top 10 Most Expensive City Districts for Renting Office Space
1. Hong Kong, Central
2. London, West End
3. New York, Midtown
4. Beijing
5. Tokyo
6. Shanghai
7. Delhi
8. San Francisco
9. London, City
10. Hong Kong, Island East
key_gateway_cities
Source: JLL
Hong Kong’s top position is a testament to its attraction as a “globally fluent” business hub with a range of internationally recognised strengths.
Its Central District has seen robust growth in premium rents over the past 12 months on the back of demand from mainland Chinese firms and very limited supply.
However, affordability and lack of available space are concerns that are likely to accelerate decentralisation to nearby growing core districts.
The advent of the Brexit vote has seen corporate occupiers adopt a more cautious approach until a clearer political and economic circumstances appear. The cost in U.S. dollar terms are between 15% to 20% lower than a year ago largely due to a combination of sterling’s depreciation and a reduction in net effective rents. A further downward pressure may push London rents down to third position in 2017.
China’s big cities – namely Beijing and Shanghai – have slipped marginally in the ranking. While the rates for premium rents in both cities maintained, the fall in the global ranking were caused by outperformance from New York and Tokyo respectively.
Tokyo’s upward movement is supported by high leasing activity and large ticket pre-commitments. On top of that, the strengthening of the Japanese yen steered its capital city into fifth position.

No comments:

Post a Comment

PLEASE LEAVE A COMMENT TO WIN A PRIZE EVERY FORTNIGHT

Related Posts Plugin for WordPress, Blogger...

TWITTER POSTS

Popular Posts - Last 7 days

Popular Posts - Last 30 days

Popular Posts - All Time

STORY SOURCE

The best stories & news from The Star Online, NST, Malaysian Digest, Asiaone, Beautifulnara, Rotikaya, Ohbulan, TheMalayMailOnline, Siakap Keli, Malaysian Insider, Free Malaysia Today and Yahoo are shared in this BLOG bestfbkl.blogspot.com

This Blog claims no credit for any images or stories on this site unless otherwise posted.

Post and Images on this blog are copyright to its respectful owners.

If there is a post or image appearing on this blog that belongs to you and do not wish for it to appear on this site, please email with a link to the said image, it will be promptly removed.

Google+ Followers