Where is London on the list?
Londoners – stop moaning and groaning about paying out exorbitant office rents. Why? Because the capital isn’t the world’s most expensive place to rent an office.
According to research by property consultancy Knight Frank, Hong Kong is the most expensive city in the world to rent office space in with rents topping $255.50 per square foot per year.
Knight Frank forecasts Hong Kong’s office rents to jump by 12% by the end of 2018.
Pamela Tsui, senior manager of research and consultancy for Greater China at Knight Frank, said: “Limited office availability in the CBD, also known as central, means it is becoming increasingly difficult to fulfil multinational companies’ rising demand for business space.”
London came fourth on the list but recorded the highest increase in rents in the world (10.7%) in the first half of 2015.
Knight Frank attributed this to “stronger growth in areas popular with the technology and creative industries”.
Take a look at the 10 most expensive cities in the world to rent an office:
1. Hong Kong
2. New York City
5. San Francisco
Rent: $ 105
10. Los Angeles