Best 5 Locations/CBDs with more Costly Production Real Estate in the World
Although most companies strive to have a strong existence in excellent strategic places, the costs of doing so can be incredibly expensive for many. As a result, companies or businesses that really are wealthy enough to afford to establish a foothold in these kinds of locations are proud to do just that. According to a survey by the US-based property consultant CBRE, the 5 most expensive commercial real estate centres in the world are:
Within their respective nations, following cities are by far the most sought-after office markets:
1.Hong Kong-Central
Over decades, Hong Kong-Central is perhaps the most expensive commercial real estate destination in the planet. Since the outset, real estate prices in practically all of Hong Kong have been rather high, forcing the city to move vertical in terms of creating development. Due to the obvious existence of the world’s major banks and finance organisations, Hong Kong-Central has experienced extremely high rental rates. Fresh and novel banking products and services are conceived in Hong Kong-Central and then launched to consumers around the world to boost the banking industry’s profitability decade after decade. According to research, the average rental rate in Hong Kong Central is USD 307 per square foot.
2. London-West End, United Kingdom
The banking business is once again responsible for the high real estate values in London-West End, United Kingdom. For decades, the presence of strong banks in London’s West End has meant that every piece of space in this location is extremely expensive. The West End of London, like the rest of the world, selects whether different bank offerings and banking solutions would be used by people around the world. The average rental rate in London’s West End is USD 235 per square foot.
3. Hong Kong-Kowloon, Hong Kong
Hong Kong-Kowloon is the second district in Hong Kong to routinely rank among the global most expensive commercial areas. The banking industry’s substantial presence in Hong Kong-Kowloon drives up real estate prices. The average rental price in Hong Kong-Kowloon is USD 190 per square foot.
4. New York-Midtown- Manhattan, USA
Due to the obvious face of major innovation and IT organisations, as well as conventional sectors such finance, New York-Midtown-Manhattan must be one of the top 5 most costly places. Because the businesses in this area are always expanding, the rents have risen to around USD 183 per square foot.
5. Beijing-Finance Street, China
For years, Beijing-Finance Street has routinely ranked 5th most expensive proposition destinations in the world. This location represents the transformation among most developing-country cities from regional industries to international metropolises. The major banks, IT corporations, and open and market companies all have a presence on Beijing-Finance Street. The average rental price in Beijing-Finance Street is USD 265 per square foot.
Disclaimer: The views expressed above are for informational purposes only based on industry reports and related news stories. PropertyPistol does not guarantee the accuracy, completeness, or reliability of the information and shall not be held responsible for any action taken based on the published information.
