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Soaring Hong Kong Rents Prompt Firms to Shift Towers

Surging office rents in Hong Kong are prompting firms including Allianz Global Investors to shift out of the city’s most expensive towers as competition for prime space heats up along with the region’s growth.

Prime office rents in the Central business district soared 34 percent in the six months ended September from a year earlier, the biggest gain worldwide, according to property broker CB Richard Ellis Group Inc. Office rents in the area may climb as much as 30 percent next year, said Gavin Morgan, head of markets at Jones Lang LaSalle Inc.