Office costs in Central Hong Kong have risen 34% in the past year, the fastest rate in the world, reports the South China Morning Post.
Citing property consultancy CB Richard Ellis, the Post says that annual office occupancy costs, which includes rent, taxes and service charge, grew to US$184.21 (HK$1,427.90) per sq ft in the 12 months to September.
Rhodri James, executive director of office services at CB Richard Ellis in Hong Kong says that rents had risen sharply across Hong Kong because the amount of office space in development was not enough to meet demand.
According to the Post, Central continues to rank as the world's second-most expensive office market, after London's West End which retains its top position among 175 cities worldwide, with an occupancy cost of US$193.69 per sq ft a year. Tokyo's Inner Central district is third, with an occupancy cost of US$158.08 per sq ft.
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