Chinese cities in world's 10 most expensive office rental markets
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E-mail SHINE, December 9, 2017
Chinese cities make up half the world's 10 most expensive locations for premium office rents, mainly fuelled by strong market fundamentals, increasing costs and sustained robust demand, global real estate consultancy JLL said in a new report on Friday.
Hong Kong's Central continues to be the world's most expensive office sub-market, followed by New York's Midtown and London's West End, according to JLL's Premium Office Rent Tracker, which compares like-for-like occupation costs across 54 major office markets in 46 cities around the globe.
Beijing's Finance Street follows close behind in fourth place, the Chinese capital's CBD is ranked seventh, Shenzhen's Futian District debuts at eighth, and Pudong in Shanghai comes in 10th.
"Looking at China, we're seeing companies fill up high-quality completions in Beijing while domestic financial services firms are driving demand in Shanghai's CBD," said K.K. Fung, managing director of JLL China.
"Established firms in China continue to set up offices in Beijing and Shanghai to extend their national footprint and this will likely drive even more demand for office space."
Notably, tech companies, among others, are more willing to splurge on premium office space to attract top talent and enhance their brand image, according to the research.
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