HK Remains Second Most Expensive Office Market in AsiaHong Kong remains the second most expensive office market in Asia Pacific behind Tokyo, according to the latest figures released by Cushman & Wakefield on net effective office occupancy costs in the region.Hong Kong has experienced a consistent decline, culminating in an average fall in excess of 11 percent in the first half of this year at 94.45 U.S. dollars per square foot annually, according to John Su, regional director of research for Cushman & Wakefield, the largest fully integrated real estate services firm in the world. Occupancy cost in Tokyo has remained stable during this same period at 119.03 U.S. dollars per square foot annually. The annual prime office occupancy cost in Hong Kong surged by 74 percent in the year 2000. Su also believed Grade A demand has fallen in most Asian cities since the beginning of the year due to the global economic slowdown, and there will be an increase in supply due to space returning to the market for sublet. |
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