Hong Kong has the world’s most expensive office rent

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Hong Kong has taken the lead to become the most expensive city in the world to rent office space.

Global property agent, Knight Frank, found that the cost of renting office space in Hong Kong rose by a massive 28% in the last year to around £97 per square foot.

Office space in London slowed down over the same period and New York’s prime location commercial spaces were almost half of what businesses pay in London.

San Francisco’s rental price was less than a third of what employers would pay to set up shop in Hong Kong and London.

Residential rental costs in London dramatically increased since the middle of 2009 but have recently slowed down. The research found that in the three months to February, rent prices were down by 0.4%.

“Corporate employment is key to the rental market,” commented Knight Frank’s Tim Hyatt, “but it is too early in the year to predict the true picture of what rents will do over the course of the next six to 12 months.”

The International Commerce Centre in Hong Kong is the city’s tallest building, and comprises of a shopping centre, the world’s highest swimming pool and bar. In addition, the building also has several banks in the hub of the city’s financial district, making it one of the most expensive places to rent office space in the city.

It’s not just businesses that face a hefty bill when looking to rent in Hong Kong, luxury homes also come with a high price. It has also been reported that Hong Kong has the most expensive housing in the world.

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