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Rents in commercial towers in Asia-Pacific are increasing faster than those in Europe and North America, according to the latest Skyscraper Index by Knight Frank. The biannual report, which examines the rental performance of commercial buildings over 30 storeys, shows that rents in Hong Kong’s skyscrapers are the highest in the world at $278.50 (Dh1,022.97) per square foot. It is followed by New York, where rents have reached $158 per square foot, Tokyo ($149.50) and London ($114), which retains its place in the top five of the index.
Skyscrapers in Shanghai recorded the strongest rental growth in the first half of the year at 7.6 per cent, followed by Sydney (6.6 per cent), Hong Kong (5.9 per cent) and Taipei (5.7 per cent). Toronto, where skyscraper rents have reached $49 per square foot, was the only city outside of the Asia-Pacific region to feature in the top five of the index by rental growth.
Singapore is the only global city where skyscraper rents significantly decreased for the period, with the 7 per cent drop attributed to oversupply and diminishing occupier confidence as a result of the slowdown in the Chinese economy. Dubai is number 20 on the list with an annual rent of $43.5. Rents in the emirate did not change in the first half of the year.
The index is part of Knight Frank’s 2017 Global Cities Report, which explores the future of the built environment in cities worldwide.
Source: Property Weekly