Retail in Asia

In Markets

Tokyo office rent priciest, tops Hong Kong

Tokyo replaced Hong Kong as the world’s most expensive office location, after rent in the capital declined at a slower pace, according to a report released on 23 February by broker Cushman & Wakefield Inc.

Rent for prime office buildings in Tokyo fell 21 percent to around JPY180,000 (USD2,016) per square metre last year, the broker said. The cost of leasing offices in Hong Kong, which slipped two places in the rankings to third, dropped by 35 percent after more tenants moved away from the city centre.