APAC office prices up 1.7% in 2018

July 11,  2018

Hong Kong prime offices are the world's most expensive at US$306.57 per sqft per annum.

Office occupancy cost in the Asia Pacific region grew 1.7% YoY in Q1 of 2018 from 1.2% in Q1 of 2017. Together with office prices from Europe, the Middle East, and Africa (EMEA) countries, APAC pushed the rate of global office prices 2.4% YoY in 2018, a CBRE research found.

With prime offices costing US$306.57 per sqft per annum, Central Hong Kong defended its spot for the second consecutive year as the world’s most expensive office location. Kowloon stayed as the fourth priciest office location.

Aside from the banking and finance from Mainland China firms that mainly drives demand in the area, CBRE noted that flexible-space operators have also been active in Hong Kong’s overall market.