ニュース
Hong Kong and London are world’s most expensive officer markets, study shows
18-07-2012
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Indeed, of the top 50 most expensive markets 19 are in Asia-Pacific, 19 are in Europe the Middle East and Africa (EMEA) and 12 in the Americas.
Hong Kong’s CBD has overall annual occupancy costs of US$248.83 per square foot, followed by London’s West End with US$220.15 per square foot and Tokyo in third, followed by Beijing’s Jianguomen (CBD) and Moscow.
‘The most expensive office markets are increasingly located in dynamic business centres across emerging economies as office occupiers diversify their global footprints in these markets to take advantage of rising incomes and the availability of labour,’ said Raymond Torto, CBRE’s global chief Economist.
‘The most expensive office occupier markets also have a diversified economic base, limited, available institutional quality space, strong currencies and are increasingly located in urban centres,’ he added. Occupancy costs increased by an average 3.6% worldwide led by Asia-Pacific at 7.8%, Americas at 5.0%, and EMEA at 0.4%, the report also shows.
Occupancy costs increased in 80 markets, decreased in 24, with no change in 29. Among the markets exhibiting the most significant gains were the Beijing Jianguomen (CBD) along with Beijing’s Finance Street and Guangzhou, China. Beijing’s rise was driven by strong demand, particularly from domestic financial institutions, combined with lack of available space in Finance Street.
Moscow was the only market in EMEA to make the top ten risers, with an annual increase in occupancy costs of 19.1%, this was primarily driven by strong tenant demand in the CBD area where vacancy is relatively low and new development very limited.
In addition to London’s West End ranking as the world’s second most expensive market, other markets in the region that top the list are Moscow in fifth with annual occupancy cost of US$171.53 per square foot, London’s City market tenth with US$131.51 per square foot, Paris fourteenth with US$123.82 per square foot and Geneva nineteenth with US$99.18 per square foot.
‘Despite the economic headwinds being experienced, twice as many office markets in EMEA recorded increases in office occupancy costs than saw declines over the past year,’ said Peter Damesick, EMEA chief economist, CBRE.
‘However, most the increases that did occur in European markets were fairly modest, and the impact of the Eurozone crisis on occupier demand was evident in a further reduction in occupancy costs in several markets in the European periphery, notably Italy, Spain and Greece. From the international occupier’s perspective, cost reductions in these EMEA markets will enhance their competitiveness as office locations,’ he added.
Moscow posted the largest gain for the region as its occupier costs grew by 19.1%, driven by strong tenant demand particularly focused on the CBD area where vacancy is relatively low and new development is very limited. Moscow was followed by Johannesburg, South Africa at 14.3%. Overall, despite economic headwinds, 12 markets in EMEA experienced declines, while 26 markets saw occupancy costs for the year rise.
Asia Pacific had 19 markets ranked in the top 50 most expensive, with three of the top five. Hong Kong is the number one location for global office occupiers and this, coupled with scarce land for development, has led to high office rents. The most expensive market in the global ranking from the Pacific Region was Sydney at US$117.88 per square foot, which came in at 15th, on the strength of an 18.9% increase in local currency.
Despite its most-expensive ranking, Hong Kong experienced the largest annual decrease of all 133 markets tracked, down 17.2%, as margin pressures on global financial services firms have impacted its central submarket in the last year given its high exposure to such firms. Some of these firms have consolidated space requirements leading to increased availability in the core CBD.
North America is led by Midtown New York, which posted an office occupancy cost of US$114.30 per square foot on the heels of a 5.9% year on year increase. The New York Midtown market was ranked 18th globally.
San Francisco (Downtown) experienced the largest year on increase at 34%, with San Francisco (Peninsula) right behind it, at 32.7%, with demand spurred by the technology sector. Overall, 32 markets in the Americas saw occupancy costs for the year rise, while only six experienced declines.
In Latin America, São Paulo remains the most expensive market, posting an office occupancy cost of US$144.75 per square foot and ranks as the eighth most expensive market globally. Meanwhile, with an occupancy cost of $128.02 per square foot, Rio de Janeiro is also in the top 15.
