What do all the below office markets have in common?
A Strong economy and a limited inventory of prime office space. We are now approaching a completely new stage in commercial real estate, where cities are battling to attract the top corporations, appeal to the top talent and draw in funds.
1. HONG KONG CENTRAL – $278.50/SF/YR
No surprises here, undeterred by the slowdown in China, Hong Kong’s CBD is holding strong at being #1.
2. Beijing Financial Street – $179.00/SF/YR
Although still #2 on the list, the current rate has decreased $9.00/SF/YR from last years high of $188.00/SF/YR
3. Beijing Central Business District – $156.00/SF/YR
Leasing demand for quality office space is at an all-time high in Beijing’s Central Business District
4. London West End – $148.30/SF/YR
Just barely beating out Midtown Manhattan this year with occupiers and investors responding positively in the first quarter
5. Midtown Manhattan – $144.30/SF/YR
Still considered the world’s biggest financial hub, Midtown Manhattan is holding strong in the United States as the most attractive market for businesses.