The world's most expensive office markets share strong economic growth and constrained supply for premium space. Real estate services and investment firm CBRE Group ranked the top prime office markets by occupancy costs, which includes rent, local taxes and service charges. Overall, occupancy costs increased 2.4 percent from a year ago.
— Posted by CNBC's Stephanie Dhue
14 June 2016
Cost per square foot: $132
Shanghai Pudong climbed into the top 10, from number 11 a year ago and surpassed Shanghai's Puxi district (#13, $107 per square foot) for the highest demand for office space.
Cost per square foot: $136
New York's diversified economy keeps it a darling of investors and makes it the costliest city for office space in the United States.
Cost per square foot: $146
London Central includes Parliament and the royal palaces. While some say if Britain were to exit from the European Union it would hit growth, the Brexit battle hasn't moved the center city from the number eight spot in cost of office space.
Cost per square foot: $149
New Delhi is down to seventh place from fifth place last year, when cost per square foot was $156. But Connaught Place is still India's top business district, ahead of Mumbai's cost of $95 per square foot. It's home to many central government offices and global branded companies.
Cost per square foot: $179
Hong Kong's West Kowloon Cultural District is designed to be a cultural center. CBRE says companies will pay for offices in areas that can help attract top talent.
Cost per square foot: $179
Marunouchi, which means "inside the circle," gets its name from its location between Tokyo Station and the Imperial Palace. It moved up from the sixth most expensive city last year. It is headquarters to some of Japan's best-known businesses, including Mitsubishi, Hitachi and GungHo Online Entertainment.
Cost per square foot: $181
Beijing central business district is emerging as the nation's media center with China Central Television headquartered there.
Cost per square foot: $188
Beijing's Finance Street houses China's financial regulatory agencies. China's central bank and all three national regulatory commissions of the central government are located there.
Cost per square foot: $262
London's West End is still strong. "They've been passed not because they have fallen out of favor, but because there are other areas of the world that have had stronger growth," said Spencer Levy, CBRE's head of research.
Cost per square foot: $290
Despite the slowdown in China, Hong Kong's central business district pushed out London's West End for the number one slot. Limited supply and increased demand for space in the financial center pushed the Hong Kong market to number one. The slowdown in Asia hasn't hit the top- tier markets. The malaise is contained to the second tier "ghost cities" that have overbuilt office space.