Hong Kong is now the world’s most expensive city to rent and buy office and apartment space, overtaking London’s West End. 47 countries were included in DTZ’s global office space tenancy report, which took into consideration, rent, maintenance costs and property taxes.
DTZ’s report on global office occupancy costs show that the average price per workstation in Central Hong Kong has gone up by 31% in just 1 year. Similarly, flat prices have also risen. ECA International found that a three-bedroom apartment in the city now costs on average, £10, 411 per month; a 22% rise in the last year.
International Business Foundation said, “Reasons for Hong Kong overpowering London office rental price is supposedly powered by rising prime rents on the back of healthy requirement and an absence of space.” Office and apartment prices in Hong Kong are expected to rise even more by 2015.
Despite, the high prices, some creative residents of Hong have found alternative and unconventional ways to get around the high housing rental costs by inhabiting Warehouses, houseboats, rooftops and Tong Laus. Communal warehouse living has become increasingly popular in Hong Kong with artists, photographers and musicians as empty warehouse spaces continue to increase.
Time Out Hong Kong said, “Start-up costs vary wildly depending on personal preferences regarding gritty bohemian environs and the extent to which the industrial unit has already been renovated and modernised for home living. It’s not uncommon these days to find industrial-zoned spaces that have already been kitted out for a residential renter. If you’re willing to gamble, you might just win a cheap, sprawling fixer-upper with a view.”
For more information on inhabiting alternative spaces in Hong Kong, visit: http://www.timeout.com.hk/feature-stories/features/41581/home-advantage.html