Hong Kong Tops London as Costliest Office Market: Chart

Hong Kong’s Central district overtook London’s West End as the world’s most expensive prime office market in the three months ended March 31 as occupancy costs -- which include rent, plus local taxes and service charges -- jumped 14.2 percent from a year earlier, to $290 per square foot a year, according to CBRE Group Inc. That compared with an increase of 1.4 percent in London, to $262. Hong Kong’s 98.2 percent occupancy rate is driven by a lack of new space and high demand from Chinese companies moving to the city.