Hong Kong office rents the steepest in Asia, report says

May 25, 2011, 3:14 GMT

Bangkok - Hong Kong had the highest office rents in Asia in the first quarter of 2011, followed by Tokyo and Mumbai, international property consultant CB Richard Ellis said Wednesday.

The average office rent in Hong Kong's central business district was 166.70 US dollars per square metre per month, almost seven times higher than central Bangkok's rate of 22.70 US dollars, according to CBRE's Asia Pacific Office Marketview report.

Tokyo office rents during the first quarter of this year averaged 111.00 US dollars per square metre per month, followed by the rate of 96.70 US dollars in Mumbai's Nariman Point district.

Beijing office rents, ranked 8th highest in Asia, rose 40 per cent in the first quarter of 2011 year-on-year, while Hong Kong's and Singapore's rose 40 per cent and 28.4 per cent, respectively.

Vietnam's two main cities, Ho Chi Minh City and Hanoi, saw 12-per-cent and 8.5-per-cent declines, in the first quarter of 2011 compared with the same period last year.

Bangkok office rents remained unchanged over the past 12 months.