Hong Kong beats Singapore as most expensive office location in the world

Despite being part of the top 30 most expensive office location in the world in 2011, Singapore still only ranked 6th in Asia Pacific.

According to DTZ, alongside Hong Kong, other mature markets including Tokyo, Sydney and Singapore are amongst the top 30 most expensive office locations globally.

Singapore moved from the 8th position in 2010 to the 6th position in 2011 in Asia Pacific, as demand rebounded strongly with economic growth. Total occupancy costs per workstation rose 14% in 2010.

Due to appreciation of the Singapore dollar, the increase in occupancy costs for 2010 was a greater 24% based on USD terms. Singapore prime office occupancy costs is forecast to grow by 6.43% annually over 2011-2015.

Ms Chua Chor Hoon, Head of South East Asia Research commented: “Like Hong Kong, Singapore’s office market is also volatile as demand surges and ebbs in tandem with economic activity. However, prime office occupancy cost in Singapore last year rose by a smaller percentage compared to Hong Kong as the increase in demand is being met by new supply coming from Marina Bay and the rest of the CBD. In USD terms, prime office occupancy costs in Singapore are less than half of that in Hong Kong, keeping it competitive as multi-national corporations choose between Singapore and Hong Kong to establish a regional headquarters in the region."

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