YOU ARE HERE: LAT HomeCollectionsCities

Asian cities top list of most expensive offices to rent

February 03, 2012|By Roger Vincent
  • Hong Kong has the highest office rents in the world.
Hong Kong has the highest office rents in the world. (Geraldine Wilkins/Los…)

Asia – most notably Beijing – is experiencing a boom in office rents fueled by rising demand and increasingly limited supply, a real estate brokerage said.

Rents for prime office space in Beijing rose 75% last year to $130 per square foot per year, the highest increase of any city in the world in 2011, according to Cushman & Wakefield.

Hong Kong remains the most expensive city for office space in terms of total occupancy costs at $244 per square foot, followed by London’s West End at $239 a square foot and Tokyo at $197 a square foot.

The most expensive location in the United States was New York’s Midtown neighborhood at $120 a square foot.

Globally, 2011 saw office demand improving with availability falling and rents rising by 3%. It was the second consecutive year of positive rental growth following a year of declining rents in all regions in 2009.

However, the recovery remains restricted to prime office space and is most visible in major gateway cities, Cushman & Wakefield said.


Industrial property leases jumped nationally in 2011

Prologis starts construction on Torrance warehouse 'on spec'

BBCN Bank to set up its headquarters in Wilshire Colonnade

Los Angeles Times Articles