These Are The World’s Most Expensive Premium Office Rental Markets, 2020
Premium office occupancy costs in “Hong Kong Central District” have been ranked as the world’s priciest, according to global real estate consultancy JLL. In Downtown New York, the rental for such office space averages US$107 per sq ft, about a third of that in Hong Kong’s Central district at US$313 per sq ft.
The rental in Hong Kong’s central business district is about 68 percent more expensive than in New York’s Midtown, which came in second in the global ranking of 86 major office markets in 73 cities. Occupancy cost comprises the key elements of occupancy costs – net effective rent, service charges and government tax on rent – all standardized to enable true international comparisons.
Where are the most expensive office markets in the world and which cities offer affordable alternatives?
Most expensive premium office rental markets in the world, 2020
| Rank | City | Country | Occupancy Costs (US$ / sqft/year) |
|---|---|---|---|
| 1 | Hong Kong Central | Hong Kong | 313 |
| 2 | New York Midtown | US | 212 |
| 3 | Beijing, Finance Street | China | 184 |
| 4 | New York, Midtown South | US | 182 |
| 5 | London West End | UK | 182 |
| 6 | Tokyo, Marunouchi | Japan | 174 |
| 7 | Silicon Valley | US | 162 |
| 8 | Tokyo, Shinjuku | Japan | 150 |
| 9 | Beijing, CBD | China | 129 |
| 10 | Tokyo, Shinjuku | Japan | 124 |
| 11 | Hong Kong East | Hong Kong | 121 |
| 12 | Shanghai, Pudong | China | 121 |
| 13 | San Francisco | US | 118 |
| 14 | Singapore | Singapore | 117 |
| 15 | Delhi, Connaught Place | India | 111 |
| 16 | London, City | UK | 107 |
| 17 | New York, Downtown | US | 107 |
| 18 | Los Angeles, Westside | US | 104 |
| 19 | Nagoya | Japan | 103 |
| 20 | Cambridge (Massachusetts) | US | 103 |
| 21 | Shenzhen | China | 101 |
| 22 | Shanghai, Puxi | China | 100 |
| 23 | Boston | US | 100 |
| 24 | Mumbai | India | 99 |
| 25 | Osaka | Japan | 97 |
| 26 | Sydney | Australia | 95 |
| 27 | Moscow | Russia | 94 |
| 28 | Stockholm | Sweden | 92 |
| 29 | Dubai, DIFC | UAE | 89 |
| 30 | Washington DC | US | 88 |
| 31 | Austin | US | 87 |
| 32 | Zurich | Switzerland | 86 |
| 33 | Hong Kong, Kowloon East | Hong Kong | 85 |
| 34 | Munich | Germany | 80 |
| 35 | Luxembourg City | Luxembourg | 79 |
| 36 | Berlin | Germany | 78 |
| 37 | Fukuoka | Japan | 78 |
| 38 | Ho Chi Minh City | Vietnam | 78 |
| 39 | Paris, City | France | 78 |
| 40 | Geneva | Switzerland | 78 |
| 41 | Chicago | US | 76 |
| 42 | Taipei | Taiwan | 75 |
| 43 | Dublin | Ireland | 75 |
| 44 | London, Canary Wharf | UK | 73 |
| 45 | Frankfurt | Germany | 72 |
| 46 | Toronto | Canada | 71 |
| 47 | Sao Paulo | Brazil | 70 |
| 48 | Los Angeles, CBD | US | 69 |
| 49 | Milan | Italy | 69 |
| 50 | Madrid | Spain | 69 |
| 51 | Vancouver | Canada | 67 |
| 52 | Guangzhou | China | 67 |
| 53 | Oslo | Norway | 66 |
| 54 | Seoul | South Korea | 65 |
| 55 | Jakarta | Indonesia | 60 |
| 56 | Edinburgh | UK | 59 |
| 57 | Seattle | US | 59 |
| 58 | Birmingham | UK | 58 |
| 59 | Barcelona | Spain | 57 |
| 60 | Atlanta | US | 56 |
| 61 | Bengaluru | India | 55 |
| 62 | Dallas | US | 54 |
| 63 | Amsterdam | Netherlands | 54 |
| 64 | Philadelphia | US | 54 |
| 65 | Manchester | UK | 54 |
| 66 | Manila | Philippines | 54 |
| 67 | Mexico City | Mexico | 53 |
| 68 | Delhi, Gurgaon | India | 53 |
| 69 | Glasgow | UK | 53 |
| 70 | Denver | US | 51 |
| 71 | Riyadh | Saudi Arabia | 51 |
| 72 | Houston | US | 50 |
| 73 | Leeds | UK | 49 |
| 74 | Melbourne | Australia | 49 |
| 75 | Montreal | Canada | 49 |
| 76 | Helsinki | Finland | 46 |
| 77 | Bangkok | Thailand | 46 |
| 78 | Paris, La Defense | France | 45 |
| 79 | Brussels | Belgium | 45 |
| 80 | Bristol | UK | 45 |
| 81 | Auckland | New Zealand | 40 |
| 82 | Warsaw | Poland | 40 |
| 83 | Istanbul | Turkey | 39 |
| 84 | Chengdu | China | 39 |
| 85 | Kuala Lumpur | Malaysia | 30 |
| 86 | Johannesburg | South Africa | 18 |
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