Economy

Hong Kong Office Rents 60 Percent Higher Than in New York

Hong Kong’s Central area has taken the prize for the world’s most expensive premium office rents for a fourth year running, according to global real estate consultant JLL.

Occupancy costs — including rent, taxes and service charges — are 60 percent higher than New York’s Midtown and almost 75 percent more costly than London’s West End, JLL’s Premium Office Rent Tracker, which crunches data in the premier office districts of 61 cities, shows.

If you’re looking for somewhere cheap to base your business, best head to Africa. Office rents in Johannesburg are just $20 per square foot per year, and not much more expensive in Nairobi.

Kuala Lumpur is also pretty cost competitive, as is Manila.

Premium office rents refer to the ‘top achievable’ in units over 10,000 square feet (930 square meters) in key buildings in the prime office districts of each city, JLL said.