Business

Which cities have the most expensive office rent?

People walking past a blue-stained glass panel in front of the city skyline in Hong Kong Image copyright AFP/Getty
Image caption Hong Kong is regularly ranked as one of the world's most expensive commercial and rental property markets

Asian cities command half of the world's top ten most expensive office space, according to a new survey by property firm JLL.

Hong Kong topped the rankings followed by London and Beijing.

JLL said it costs $262 per square foot per year for top-quality office space in the Chinese territory because of strong tenant demand and short supply.

Shanghai, Tokyo and Delhi also made the list, with the city state of Singapore missing the top ten by just one spot.

"A large part of the global growth is now driven out of Asia and international businesses will continue to be keen to set up their presence in the region," Chris Archibold, head of markets at JLL Singapore said.

Top 10 most expensive cities for renting office space
1. Hong Kong 6. Tokyo
2. London 7. San Francisco
3. Beijing 8. Moscow
4. New York 9. Delhi
5. Shanghai 10. Dubai

"We are in a new era of city competition, where cities are fighting to secure the world's most dynamic corporations, attract the best talent and pull in capital, both of which are highly mobile," added Megan Walters, JLL's head of capital markets research in Asia Pacific.

"Nowhere is this intense competition between cities better epitomised than in the demand for premium office buildings in the world's most prestigious commercial office districts."

The report examined 24 global cities and occupancy costs including rent, service charges and property tax.

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