Asian skyscraper prices tower over rest of the world
Dubai, March 12, 2014
The Asian towers dominated Knight Frank’s Skyscraper Index of the most expensive high rise office space in the world.
The Skyscraper Index was based on the commercial value on an analysis of the capital value of upper-storey floor space, said Knight Franks ‘Wealth Report 2014.’
Upper floors typically command premium pricing in the leasing market, archieving what are referred to as ‘nose bleed’ rents in Manhattan.
Hong Kong boasts of the most expensive skyscraper in the world according to the index ranking, followed by Tokyo, New York, Singapore, London, Sydney, Beijing, Shanghai, San Francisco and Moscow.
Among Middle Eastern cities, Dubai and Abu Dhabi have been ranked 16th and 18th respectively in the index.
James Roberts, the head of commercial research, said: “Skyscrapers continue to capture our imagination. New buildings dominate newspaper headlines, and those with viewing galleries become popular tourist attractions. Island-based cities tend to embrace the tower to maximise space.”
“While Hong Kong and Tokyo are too far ahead to lose first and second place, I see some competition amongst Manhattan, London and Singapore in the coming year.
“In London there is renewed confidence thanks to better than expected economic growth and rising rents in the office market and I suspect London could overtake Singapore.
“Given the economic uncertainty in emerging markets, in 2014 we will probably see some of the Asian cities slide down the table, and more western cities on the rise.” - TradeArabia News Service