Land-scarce Hong Kong is the most expensive city in the world to rent office space in high-rise buildings and demand is not expected to wane, according to property consultancy Knight Frank.
Prime rent - or rent paid to occupy a central city area - for a skyscraper office in Hong Kong's center is an estimated $255.50 per square foot per year.
In comparison, prime rent in Singapore, which is often used as a yardstick against which Hong Kong is measured, is less than half the cost at $93.25 per square foot, said Knight Frank in its "Global Cities: The 2016' report.
The typical size of a small office with amenities such as a kitchenette and meeting area is 880 square feet in Hong Kong, based on a calculation from Officespace.co.uk. The prime rent for such an office would come to a whopping $225,000 or thereabouts per annum.
Two International Financial Center, located in Hong Kong's Central District, offers Hong Kong's most expensive office rental, at about $264 per square feet annually.
Knight Frank forecasts Hong Kong's office rental growth to increase by 12 percent by the end of 2018, simply because of the lack of supply.