Hong Kong tops world in office rent prices

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The Independent Online

An annual report into office rents around the world has confirmed Hong Kong as having the most expensive for the second year running.

Property consultants Colliers International (WEB) have just released their annual Global Office Real Estate review which ranks Hong Kong - at US$161.14 (€119.31) per square foot per year - above London (US$139.43 or 103.23 euros) and Tokyo (US$101.24 or €74.96).

The report claims rents in the city fluctuated between a fall of 22.4 percent in the first half of last year and a rise of 16.7 percent for the second half of the year - and that they are expected to rise again in 2010.

The annual report looks at 154 office markets across the globe and said tenant demand remained weak in the United States and Europe, while both Latin America and Asia-Pacific were showing renewed signs of growth after all regions had reported higher vacancies and falling rents as the world came out of 2008 and all its financial misery.