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Hong Kong Prime Office Rentals Again Topped the World
Asia Pacific Region Is Expected to Lead Global Growth in 2010
Cross-Border Investment May Return with Launch of Global Distressed Real Estate Fund
1 April 2010, Shanghai – According to the Global Office Real Estate Review, Year-end 2009, Hong Kong continued to hold the top spot for occupancy costs, in both the Asia Pacific region and the world, at USD per sq ft per year. It was followed by London-West End (USD per sq ft per year) and Tokyo (USD per sq ft per year).
Class A Office Gross Rent (USD per sq ft per year) – Top 5 Cities
City
Dec 2009
Jun 2009
6-Month Change
Hong Kong
+%
London – West End
+%
Tokyo
-%
London – City
+%
Rio de Janeiro
+%
The year-end report, featuring 154 office markets across the globe, mentions that most regions of the world remained marred by little demand for office space with leasing activity remaining sub-par. In particular, the United States (.) and much of Europe recorded weak tenant demand, while Latin America and much of Asia Pacific were beginning to show the first signs of growth. All regions again reported higher vacancies and