Hong Kong is no stranger to sky-high rents, but it can now claims the bragging rights as home to the world’s most expensive office space.
According to Knight Frank’s 2012 review of global real estate markets, Hong Kong’s prime office space, including the city’s Central district, was renting as much as $135 monthly per square foot, marking a 28 percent growth for 2011.
By contrast, London’s West End, the former owner of the title, slowed last year after a rapid 31 percent climb in 2010.
Bejiing is also climbing its way up the global real estate charts, with prime office rents soaring 46 percent in 2011.
And the United States wasn’t completely left in the dust. Increased demand in the technology sector raised prime rent in San Francisco by 24 percent, which is double the increase in rent in Manhattan (12 percent).
Source: Wallstreet Journal