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Hong Kong leads the world’s skyscraper office rents​, says ​​new Knight Frank report​

by Suzanne Miao on Apr 23, 2015 in Architecture
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Hong Kong boasts the world’s highest skyscraper office rents, according to a newly-released Knight Frank report (Photo by Suzanne Miao)

Hong Kong boasts the world’s highest skyscraper office rents, according to a newly-released Knight Frank report (Photo by Suzanne Miao)

The newly-released Skyscraper 2015 Report by Knight Frank, which looks at the prime office rents of 18 markets across the globe, puts Hong Kong right at the top of the pile

Hong Kong boasts the world's highest skyscraper office rents​ ​at USD 250.50 per sq​-ft​, with its​ large lead in rents reflect​ing​ a low​ vacancy rate and constrained CBD area. In 2009, there were a total of 19 skyscrapers in the world with heights of over 1,000 ft. Today, there are 79 of them — 40 per cent of which are in China, 28 per cent in the United Arab Emirates.

Hong Kong is known for her high-rise architecture (Photo by Suzanne Miao)

Hong Kong is known for her high-rise architecture (Photo by Suzanne Miao)

Skyscrapers are a rising tide in the modern global city. London has added 23 new skyscrapers (a building over 350 ft high) since the turn of the millennium, compared to 17 in the preceding 40 years. New York added four new towers in 2014 alone, including the iconic One World Trade Center — this sounds impressive until you consider that Dubai has built nearly 190 skyscrapers since 2000, and Shanghai more than 90.

A view of the CBD area in Hong Kong (Photo by Suzanne Miao)

A view of the CBD area in Hong Kong (Photo by Suzanne Miao)

"The expansion upwards in the major Chinese cities has been a remarkable phenomenon over the past decade,” says Nicholas Holt, head of research for Asia-Pacific at Knight Frank. “The fact that 40 per cent of skyscrapers in the world with heights over 1,000 ft are in China underlines the growing importance of the country's economy on the world stage."

Download Knight Frank’s report at http://www.knightfrank.com/resources/global-cities/global-cities-pdf/knight-frank-global-cities-skyscrapers-2015-report.pdf

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