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Asia is now home to the three most expensive office locations in the world. Hong Kong (Central) is currently ranked top, with rents reaching $269.00 per sq ft; Beijing (Finance Street) is ranked second, with top rents of $174.00 per sq ft; and Hong Kong (West Kowloon) comes in third, with prices reaching $164.00 per sq ft.
Prime rents in the London market have decreased slightly due to slower demand; however, the West End market still has a top rent of $136.00 per sq ft, placing it sixth in the global rankings.
Prime office rents have risen globally by approximately 2% since 2016. The Americas have performed the strongest, with a rise of 3.4%; followed by Europe, the Middle East and Africa with a rise of 1.3%, and Asia with a 1.2% increase.
Eugene O’Sullivan, Managing Director at tenant representation specialists, Morgan Pryce, believes; “The London market is offering stronger financial packages for clients. Prime rents in the West End are still considerably higher than those across the rest of London, with Mayfair and St James’s continuing to offer prime locations for hedge funds and private equity companies. However, the rest of the capital is allowing for strong financial packages, both in terms of rental figures and incentives.”
This news was brought to you by Morgan Pryce, a specialist tenant acquisition agent with offices in Oxford Circus and the City. Morgan Pryce specialises in search, negotiation and project management and works exclusively for tenants.