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London’s West End is the second most expensive place in the world to run an office, according to the latest report from Colliers International. But which city tops the table for the most expensive place to rent an office? Read on to find out…
In the latest Global Office Real Estate Mid-Year Review, which features 170 office markets across the globe, Hong Kong was (yet again) ranked the most expensive place to rent an office. It tops the table despite seeing a 35% drop in rental prices (although London rental prices dropped some 39% in the same time period).
Perhaps the biggest surprise was Singapore, which fell 19 places to 26th in the world rankings. Prices fell by 56% to USD55.53 per square foot. Despite the global financial crisis, Shanghai, Perth and Brisbane recorded overall increases in rental prices.
The top 5 most expensive cities for office rental (prices in USD, per square foot):
1. Hong Kong = $138.08
2. London, West End = $125.52
3. Tokyo = $101.57
4. London, City = $90.83
5. Moscow = $90.09
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