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Hong Kong, the city with the most expensive office rental in the world

Hong Kong has replaced London as the most expensive city to rent an office, a new record that surpasses the Asian city as the city with the highest land price in the world. world, according to a study by US real estate market consultant Cushman Wakefield.

Hong Kong, November 28 (EFE) .- Hong Kong has replaced London as the most expensive city to rent an office, a new record that encumbra the Asian city as the city with the price of the The highest floor in the world, according to a study by the US real estate market consultancy Cushman Wakefield.

According to this data for 2016, the average cost of a office for rent in Hong Kong rose by 5.5%, standing at $ 27,432 per year for each workplace, exceeding for the first time the British capital from 2013.

The same space would cost $ 22,665 annually in London, where prices fell by 19% in 2016 due to the effects of "brexit", causing a depreciation of the pound sterling and with it a cheapening of house prices with respect to the US dollar, explained the consultant.

As with private housing, the rise in the price of Office floor in Hong Kong is due to the influx of capital from mainland China.

The study notes that 19% of the most important office buildings in the city are occupied by companies in China, which means an increase of their presence of 13% since 2013.

Chinese companies have expanded their offices in the most exclusive business districts of Hong Kong, such as Sheung Wan, Central and Admiralty, causing an increase in the occupancy rate of the offices of the British ex-colony of more than 6% from 2013 to 2016, which represents a net growth equivalent to 100,000 square meters of space.

Chinese financial institutions are among the customers willing to pay more for the location of its offices in Hong Kong, unlike foreign entities such as HSBC or Citibank that have chosen to decentralize their presence in the financial district and move their offices major to more affordable areas.

The cost of housing 100 employees in the financial district of Hong Kong is the same as housing 600 employees in Shenzhen, the neighboring city China that limits with the English excolonia, according to the study.

The Hong Kong real estate market drags a list of historical sales records and exorbitant land prices that They place the city among the most expensive in the world.

Billionaire Li Ka-shing, the richest man in Hong Kong, sold a building in the city on November 1 for 5.2 billion of dollars, becoming the highest commercial transaction recorded for an office building.

A month earlier, a consortium of Chinese companies acquired a buildable land with views of the Hong Kong Bay for 2,210 million dollars, an operation that marked a new record, the most expensive buildable floor sold in the city so far.

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