Hong Kong has unseated London as the world’s most expensive place to take up office space, highlighting the growing appetite from banks to increase their presence in Asia.
The cost of renting prime office space in the island state soared 28 per cent during 2011 to ￡97.11 per sq ft a year, according to research from Knight Frank, the London-based property services group.
The rise, the sharpest of all the established financial centres, comes as the financial services industry’s focus on Asia drives down office vacancy rates across the continent’s main office markets.
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