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Figure 15. Grade A office rents by sub-market
Source: 'Hong Kong Monthly', Knight Frank.
It should also be noted that the rising rents and declining vacancy
rates have been observed in almost all sub-markets in the Grade A office
sector, indicating across-the-board robust demand (Figure 15).
Elevated rental levels are detrimental to our competitiveness.
The research of CB Richard Ellis has put the occupancy cost of Central,
Hong Kong at nearly HK$190 psf pm, which topped the global league table,
leapfrogging West End, London as the costliest Grade A office market in
the world in March 2016 (Figure 16).
Figure 16. Top 10 most expensive office markets (March 2016)
Source: 'Global Prime Office Occupancy Costs Survey', CB Richard Ellis.
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