1. Hong Kong (Central)
Hong Kong Central’s position as the most expensive office market continues to be bolstered by its status as a leading global financial center. Although financial institutions have become more cost sensitive, with some considering relocating to less expensive space outside the CBD, high-quality and premium space is still sought after, especially by mainland Chinese firms which are increasingly setting up their offices in Hong Kong (Central) in prestigious buildings.
2. London - Central (West End)
London’s West End ranks as the world’s second-most expensive market at $222.58 per sq. ft., ahead of London’s City ($132.94 per sq. ft.).
3. Beijing (Finance Street)
Beijing (Finance Street) comes in at $195.07 per sq. ft.—just ahead of the city's CBD.
4. Beijing (CBD)
Beijing's CBD, at $187.06 per sq. ft., is the fourth most expensive office market in the world.
5. New Delhi (Connaught Place - CBD)
Overall, five of the six most expensive office markets in the world are in Asia. New Delhi's Connaught Place-CBD market has rents of $178.96 per sq. ft.
6. Hong Kong (West Kowloon)
Hong Kong's Kowloon submarket ($173.90 per sq. ft.) is more than $60 per sq. ft. less expensive than the city's Central submarket. But it still ranks as the sixth most expensive office market in the world.
7. Moscow
At $165.05 per sq. ft., Moscow is the second most expensive office market in Europe. (Photo by Anton Khoff)
8. Tokyo (Marunouchi/Otemachi)
Tokyo ($165.05 per sq. ft.) is the sixth Asian market in the 10 most expensive office markets worldwide.
9. London - Central (City)
Rents in London's Central (City) submarket ($132.94 per sq. ft.) are nearly $100 per sq. ft. less expensive than in the West End ($222.59 per sq. ft.)
10. New York (Midtown Manhattan)
Midtown Manhattan ($120.65 per sq. ft.) rounds out the top 10 most expensive office markets. It is the most expensive market in the U.S. and edges out Mumbai ($119.93 per sq. ft.), Paris ($119.32 per sq. ft.) and Sydney ($119.23 per sq. ft.) to gain its space in the top 10.
