Most Expensive Office Premises In Hong Kong, Lower Prices In London

(pic pixabay.com)
(pic pixabay.com)
Hong Kong still remains the most expensive office location in the world. For instance, 100 employees in this city equals 300 people in Toronto. However, the cost of post maintenance in London has decreased by 19 per cent.

According to the newest report prepared by Cushman & Wakefield “Office Space Across the World”, Hong Kong still remains the most expensive office location in the world. The annual costs have increased by 5.5 per cent in this city and they currently amount to 27 431 USD. The reason for such a significant increase is limited availability of office space and strong demand from companies from Mainland China. For comparison, the location of 100 employees in the Hong Kong office costs the same amount of money as hiring 300 people in Toronto, 500 in Madrid or 900 in Mumbai.

In London, the average annual cost of maintaining a post has decreased by 19 per cent since 2016. At present, it maintains at the level of 22 665 USD and it is still almost twice as expensive as in Paris or Frankfurt. Such decrease is mainly caused by the weakened exchange rate of sterling.

 

Most Expensive Office Locations In The World
(Source: Cushman & Wakefield)

Position

Location (region)

Annual Cost Counted On Post (USD)

1

Hong Kong
(Asia Pacific)

27 431

2

West End in London
(EMEA)

22 665

3

Tokyo
(Asia Pacific)

18 111

4

Fairfield County
(North and South America)

17 414

5

San Francisco
(North and South America)

16 205

6

New York
(North and South America)

15 931

7

Silicon Valley
(North and South America)

15 004

8

Geneva
(EMEA)

13 424

9

Sydney
(Asia Pacific)

11 997

10

Paris
(EMEA)

11 756

 

The average annual cost of maintaining a post increased globally by 1.5 per cent in the past 12 months mainly due to increases in North and South America (by 4.2 per cent) and Asia Pacific (by 3.4 per cent). In the EMEA region, this cost has decreased by 1.3 per cent. Some of the most significant changes in the ranking are related to currency fluctuations. Moreover, these factors will be of greater importance in the following year than the situation on the real estate market in the case of companies which analyze costs in local currencies.

 

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