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These 5 Cities Have the Priciest Office Space in the World

    These 5 Cities Have the Priciest Office Space in the World

    Some cities—with skyscrapers and efficient public transpotation systems—are natural hot spots for HQs and offices. But as more companies flock to settle down in these major cities, rents begin to skyrocket. Here are five cities with the highest office rents, using data from Knight Frank's Skyscrapers Index. 

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    1. Hong Kong

    Price per SF: $255 

    Growth over the past six months: 1.9%

    Office space in Hong Kong is so scant that prices are more than two times higher than anywhere else in the world. In general, the city has land scarcity problems, forcing the government to look into developing Kowloon East into an office hot spot.  

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    2. New York City

    Price per SF: $253

    Growth over the past six months: 2%

    The Big Apple is slated to see 26M SF of new office space, thanks to upcoming developments like Hudson Yard and the World Trade Center. Office buildings in NYC are expected to have 2015 yields of 4%. 

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    3. Tokyo

    Price per SF: $125

    Growth over the past six months: 3.4%

    The Shinkansen is the new bullet train that covers more than 1,600,000 miles in Japan, and has been pushing economic growth by cutting down on commuting time. Since all tracks lead to Tokyo, its property markets have seen increased demand. 

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    4. London

    Price per SF: $122

    Growth over the past six months: 10.7%

    The home of Big Ben is seeing its lowest office vacancy rate in over 14 years, as new technology and creative firms drive an economic renassaince. 

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    5. San Francisco

    Price per SF: $105 

    Growth over the past six months: 8.2%

    As a technological hub, San Fran's rental growth has also been expanding at a great pace. Tower buildings have been particularly popular, posting an 8% growth clip. 

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