Asian cities top list of most expensive offices to rent
Asia – most notably Beijing – is experiencing a boom in office rents fueled by rising demand and increasingly limited supply, a real estate brokerage said.
Rents for prime office space in Beijing rose 75% last year to $130 per square foot per year, the highest increase of any city in the world in 2011, according to Cushman & Wakefield.
Hong Kong remains the most expensive city for office space in terms of total occupancy costs at $244 per square foot, followed by London’s West End at $239 a square foot and Tokyo at $197 a square foot.
The most expensive location in the United States was New York’s Midtown neighborhood at $120 a square foot.
Globally, 2011 saw office demand improving with availability falling and rents rising by 3%. It was the second consecutive year of positive rental growth following a year of declining rents in all regions in 2009.
However, the recovery remains restricted to prime office space and is most visible in major gateway cities, Cushman & Wakefield said.
Must-read stories from the L.A. Times
Get the day's top news with our Today's Headlines newsletter, sent every weekday morning.
You may occasionally receive promotional content from the Los Angeles Times.