Tokyo tops Hong Kong as most costly office market

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MarketWatch

Tokyo has overtaken Hong Kong as the world's most expensive office-property market in terms of rental prices, while London took second place, according to reports Tuesday. Office rentals in the Japanese capital averaged $190 per square foot last year, inclusive of taxes and service charges, according to reports which cited data by Cushman & Wakefield. Hong Kong fell to third place at $160 per square foot, lagging just behind London at $161 per square foot. The report said global office rentals declined last year for the first time since 2003. Prices in Hong Kong fell 35% while Tokyo eased 21%. Office rentals in London's West End fell 25%. Singapore led declines among key cities in Asia, with a 45% drop.