Low vacancies are believed to be behind Hong Kong's Central being named as the most expensive office market in the world.

Global real estate consultant JLL released its annual list of the highest office rents last month, with Central occupying top position for the fourth consecutive year.

The company's Premium Office Rent Tracker compares occupation costs across 72 markets in 61 cities. 

JLL's Premium Office Rent Tracker - at a glance:

• Hong Kong's Central has the most expensive total occupancy cost, followed by Beijing's Finance Street.
• Districts within Greater China cities made up for six of the top 10 most expensive premium office markets in Asia.
• The banking and financial services industry was found to be the top occupier of premium office space globally.

Premium office rents refer to the 'top achievable' in units over 1,000 square metres in the premium building of the premier office district within each city.  

Hong Kong Central's average total occupancy cost of $338 was nearly $150 more than the second-most expensive market in Asia, Beijing's Finance Street.

JLL Hong Kong Head of Research Denis Ma said Central's rents have prompted some companies to look elsewhere in Asia for affordable office space.

"Central is still the most important financial district in Hong Kong, but low vacancies have pushed office rents up," he said.

"Companies are now looking beyond Hong Kong's traditional core office markets, with more than half of all new lettings in the third quarter of 2018 taking place in decentralised locations.

"Hong Kong East and Kowloon East have emerged as favoured alternatives."

The banking and financial services industry was found to be the top occupier of premium office space globally, coming in as the leading sector in more than half of the 72 markets covered.

Source: JLL

Similar to this:

What will be the key real estate market trends in 2019?

How will the trade war affect the Hong Kong property market?

Data Centres: powering Asia’s digital boom