Tall towers throughout Asia dominate Knight Frank’s Skyscraper Index of the most expensive high-rise office space in the world.
Asia dominates the top 10 list, with Hong Kong boasting the most expensive skyscraper space in the world. Singapore is ranked fourth in the global list of most expensive high-rise office space at roughly a third of the price of Hong Kong.
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| Source: Knight Frank |
James Roberts, Head of Commercial Research at Knight Frank, said: “Skyscrapers continue to capture our imagination. New buildings dominate newspaper headlines, and those with viewing galleries become popular tourist attractions. Island-based cities tend to embrace the tower to maximise space.
“While Hong Kong and Tokyo are too far ahead to lose first and second place, I see some competition amongst Manhattan, London and Singapore in the coming year. In London there is renewed confidence thanks to better-than-expected economic growth and rising rents in the office markets, and I suspect London could overtake Singapore.
“Given the economic uncertainty in emerging markets, in 2014 we will probably see some of the Asian cities slide down the table, and more western cities on the rise.”
Manhattan is the highest placed North American city while London tops the European league.
There are many different ways of ranking skyscrapers. Total height and number of floors are the most popular. The Knight Frank Skyscraper Index bases its commercial values on an analysis of the capital value of upper-storey floor space. Upper floors typically command premium pricing in the leasing market, achieving what are referred to as ‘nose bleed’ rents in Manhattan.
Andrew Batt, International Group Editor of PropertyGuru Group,
wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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