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Hong Kong the world’s leading skyscraper city

May 2015

Skyscraper prime office rents in New York have dramatically increased by 20% to hit USD 150.00 per sq ft since July 2014, outperforming the leading Asian skyscraper city, Hong Kong. However, Hong Kong still boasts the world’s highest skyscraper office rents at USD 250.50 per sq ft.

The figures were reported in the latest Skyscraper Index from Knight Frank and Newmark Grubb Knight Frank, which ranks the world’s cities as centres for high rise offices and homes.

Hong Kong’s large lead in rents reflects a low vacancy rate and constrained CBD area.

The Skyscraper Index ranks cities according to a score system based on a range of criteria including skyscraper office rents and yields, the spread offered by investment yields compared to national bonds, the number of high rises built, and growth prospects for the city.

“A high quality office environment is an essential part of building a business. With the economy improving, firms want offices that provide an inspiring place to work and demonstrate they value their employees,” says William Neill, Partner, Commercial Leasing at Knight Frank Dubai.