Hong Kong Is World’s Most Expensive Office Location: Cushman & Wakefield

  • London drops to second place but at $22,665 per workstation remains twice as expensive as Paris or Frankfurt
  • Cost of locating 100 workers in Hong Kong is equivalent to 300 in Toronto, 500 in Madrid or 900 in Mumbai
  • Average annual cost per workstation rose by 1.5% globally in last 12 months
  • Working patterns and rise of technology likely to disrupt future rankings

Hong Kong has replaced London’s West End as the most expensive office market in which to accommodate staff, according to new research from Cushman & Wakefield. 
The annual Office Space Across The World report surveys occupancy costs across 215 office markets in 58 countries worldwide. Using proprietary data, it ranks occupancy costs per workstation and workplace densities for newly developed or refurbished office space globally.

Limited availability and strong demand from mainland Chinese corporations have pushed Hong Kong costs up 5.5% to $27,431. Escalating rents are driving a growing number of multinational corporations to decentralise to lower cost areas.

As a comparison, for the same cost of accommodating 100 staff in a Hong Kong office, 300 can be accommodated in Toronto, 500 in Madrid, and 900 in Mumbai. 

In contrast, costs in London have fallen 19% since 2016 – largely as a result of currency depreciation – to an average of $22,665 per workstation per annum. Paris, also in the top 10 albeit nearly half the cost of London, saw costs fall too.

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