Skyscraper rents in Hong Kong are still the world's highest, but the city is in danger of losing its crown to New York, Knight Frank said.
"New York is closing fast," Knight Frank said in a report Wednesday. "While Asia may be building apace, economic recovery in the U.S. is buoying demand for towers from investors and tenants in the big North American cities."
Hong Kong's office skyscraper rents are around $250 a square foot, up 11.3 percent from July 2014, boosted by a low vacancy rate and limited space in the central business district (CBD), the report said. But New York's skyscraper rents surged 20 percent over the same period to $150 a square foot.