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Hong Kong Knocks Off London as Most Expensive Office Market
Hong Kong replaced London’s West End as the most expensive office market in which to accommodate staff, according to new research from Cushman & Wakefield. The annual Office Space Across The World report surveys occupancy costs across 215 office markets in 58 countries worldwide and ranks occupancy costs per workstation and workplace densities.
Fairfield County, CT, San Francisco, New York and Silicon Valley placed fourth through seventh in the Top 10 of worlds’ most expensive office locations. At a global level, the average annual cost per workstation rose by 1.5% over the last 12 months. This was driven by the Americas, where costs increased by 4.2% and Asia Pacific, where they rose by 3.4%. EMEA posted a fall of 1.3%.
Cushman & Wakefield report author Sophy Moffat says, “Hong Kong and London are by far the most expensive office markets in which to accommodate staff, but secondary cities are beginning to compete in the digital age in ways not possible during the industrial age.”
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