Hong Kong will have the fastest rate of growth in the world over the next four years in terms of how much it costs to rent the amount of office space each employee in the city gets, with costs growing at close to a double-digit rate per year.
That's according to a recent study from the real-estate brokerage DTZ, which tracks how much it costs companies per work station in cities around the globe.
The cost of housing workers in Hong Kong dropped dramatically last year as the collapse of Lehman Brothers hit the banking industry worldwide. But it is on track to head up again, and in a hurry.
It cost US$16,970 to keep an employee at his or her desk in the city last year, according to the report. If you're worried your apartment rent is too high, may be you can do a deal with your boss and sleep at your desk - because it costs HK$11,030 per month for a company to keep you in the office.
Hong Kong's cost per employee was down 22 per cent last year, one of the fastest rates of decline in the world. Its drop was matched by Manhattan, and outdone only by a handful of spots - Miami and Paris (both down 26 per cent), Moscow (off 42 per cent). 'D' seemed to spell doldrums last year, with Doha (down 23 per cent), Dublin (down 24 per cent) and Dubai (down 34 per cent).
Hong Kong's property market responded rapidly to the financial crisis, with its highest-paying tenants in finance and business services slashing headcount and trying to save on rent by consolidating or relocating. That diminished demand caused rents for prime office space to fall 24 per cent for the year.
