High rents in Hong Kong offices ranked second highest globally, according to Savills' statement.
Spotlight on Sky-High Office Spaces: The Hong Kong Scene
Craving a prime office in the bustling metropolis of Hong Kong? Buckle up, because the costs are a mind-boggling US$228 per square foot per year, according to a latest study. This figure includes both rent and fit-out costs.
Now, let's compare that with the priciest cities around the globe. In London's West End, the average cost stands at a whopping US$299 per square foot per year. Meanwhile, tenants in New York City's Midtown dish out US$207 for the same luxury.
Interestingly, in Q2 2022, Hong Kong clinched the title as the world's priciest city for office costs, with US$250.56 per square foot per year. Over the years, Hong Kong's office rents have plummeted by a staggering 40%, due to sagging demand and a surge in supply.
In 2022 alone, rents dipped by 6.3%. Yet, in Q1 2025, prime office rents registered at US$89.90 per sq ft/month, translating to approximately US$1,078.80 per square foot per year – but this excludes fit-out costs.
It's essential to note that global rentals for prime office space gained momentum in Q1 2025, increasing an average of 0.6%. However, Hong Kong-specific data isn't typically singled out in these reports.
The study in question tracked offices commanding the highest 5-10% rents in each specific market. The annual all-in occupancy cost represented real-time transaction terms for 20,000 sq ft of usable space based on the top five most expensive properties in each market.
However, the study doesn't provide an explicit average annual all-in occupancy cost for Hong Kong's prime office space in Q1 2025. To dig deeper into the precise annual occupancy costs, additional data on fit-out expenses and tenant incentives would prove beneficial.
To get accurate numbers, it's recommended to peruse the full Q1 2025 reports from Savills or Knight Frank, as their methodologies for aggregating occupancy costs might differ.
- By 2025, the prime office rents in Hong Kong are expected to be US$89.90 per square foot per month, equivalent to approximately US$1,078.80 per square foot per year.
- Global rentals for prime office space increased, on average, by 0.6% in Q1 2025, but specific data for Hong Kong isn't typically included in these reports.
- The annual all-in occupancy cost for Hong Kong's prime office space in Q1 2025 isn't explicitly provided in the study, requiring additional data on fit-out expenses and tenant incentives for a precise calculation.
- It's important to consider the environmental impact of such high costs in Hong Kong's real-estate market, as they may influence the business decisions of finance investors.
5.期望到2025年， Hongkong的首
