Hong Kong — Hong Kong’s premium office space has topped the charts as the world’s most expensive for the second consecutive year, outpacing prices in Midtown New York by 66%, according to property consultancy JLL. Offices at the top end of the Hong Kong market command an average of $323 per square foot (psf) a year in occupancy costs, which include rent, service charges and government taxes, according to the report released on Wednesday. In Midtown New York, the cost is $194 psf, while London’s West End is $193 psf. A separate report published by property consultancy Cushman & Wakefield last week also ranked Hong Kong in the No1 spot for the world’s most expensive prime office space, with an occupancy cost per desk space of $27,432, followed by London’s West End at $22,665. "For the same cost of accommodating 100 staff in a Hong Kong office, 300 can be accommodated in Toronto, 500 in Madrid and 900 in Mumbai," the report said. Supply shortages and high demand from mainland Chinese f...
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