Cost of leasing premium offices is up, particularly in technology-rich cities.
According to JLL’s latest Premium Office Rent Tracker (PORT), the market with the most expensive premium office rent in the world is Central in Hong Kong (€323 per sq. ft) followed by New York’s Midtown ($194 per sq. ft), London’s West End ($193 per sq. ft), Beijing’s Finance Street ($190 per sq. ft) and Silicon Valley in California ($159 per sq. ft).
Technology-rich cities feature strongly among the most expensive office markets globally, including the U.S. tech hubs of New York Midtown (2), Silicon Valley (5), San Francisco (13) and Boston (16); London (3) and Stockholm (20) in Europe; and Beijing (4), Shenzhen (8) and Tokyo (9) in Asia.