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Pricing for Hong Kong skyscrapers is highest in the world

20 July 2017

Malaysia – Skyscrapers in Hong Kong are the most expensive commercial real estate assets in the world, according to new analysis from global real estate advisor Knight Frank. 

Knight Frank has analysed Skyscraper Capital Values for the first time as part of its inaugural Active Capital, The Global Report 2017. 


According to Knight Frank’s analysis, which uses rental values as at Q4 2016 and prime yields as a basis, pricing for skyscrapers in Hong Kong has reached US$8,000 per sq ft, over 60 per cent higher than tall buildings in Tokyo, where pricing is estimated at US$4,900 per sq ft versus other global cities like Manhattan/New York at US$3,700 per sq ft and London at US$2,450 per sq ft.  Other Asian cities that are priced above US$1,000 per sq ft include Singapore at US$1,900 per sq ft, Taipei at US$1,600 per sq ft and Shanghai at US$1,250 per sq ft. 


Pricing is highest in Hong Kong which reflects the world’s highest skyscraper rents, and the lack of available land for future development. Similarly, pricing in major financial centres such as Shanghai, Singapore, Manhattan and London is supported by the high level of demand for space in these buildings. 


Mr Nicholas Holt, Head of Research for Asia Pacific at Knight Frank, highlights, “Capital values of Asia’s tallest towers showed significant divergence at the end of Q4 2016, with Hong Kong sitting at the top and Mumbai at the bottom of the global rankings. In Hong Kong, continued strong demand and a lack of new land supply continues to push values higher, while the structure of the Mumbai office market, has tended to see office markets develop outwards rather than upwards.” 


Hong Kong developer Henderson Land recently paid $3bn for an old five-storey car park, indicating the frenzied state of Hong Kong’s property market. The price was a record lump sum for Hong Kong and a record also per square foot. The sale sets the world’s most expensive city even further apart from its rivals.



Source: Active Capital Report, Page 19




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For further information, please contact:

Mr Nicholas Holt, Asia-Pacific Head of Research +86 10 6113 8030 @nholtKF

Ms Rachel Loke, Asia-Pacific Head of Marketing, Communications & Digital +65 6429 3587 @knightfrank

Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia +603 2289 9669 @KnightFrank_my


Notes to Editors

Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 14,000 people operating from 413 offices across 60 countries. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit

Knight Frank has a strong presence in Malaysia with its headquarters in Kuala Lumpur as well as branches in Penang, Johor and Kota Kinabalu. The company offers high-quality professional advice and solutions across a comprehensive portfolio of property services and is registered with the Board of Valuers, Appraisers and Estate Agents. The Company is licensed to undertake property, valuations / consultancy, estate agency and property management and is also on the panel of all leading banks and financial institutions. For further information about the Company, please visit