Premium Office Rent Tracker, 2021

JLL’s Premium Office Rent Tracker compares occupancy costs for premium office buildings across the world’s leading real estate markets . This seventh edition ranks 127 office markets and submarkets in 112 cities. This year the markets covered have increased to include additions in Central Europe, China, the U.S and Africa.

The Tracker provides a useful barometer of relative occupancy costs and is JLL’s benchmark view on the best achievable office rent in the world’s top markets.  It highlights the most expensive office locations and markets that offer the best value globally and by region, as well as key trends to watch.

Key highlights

New York catches up with Hong Kong for the top position in the global ranking

• New York-Midtown’s premium office costs have increased since 2020 to now tie with Hong Kong-Central for the world’s most expensive office market.

Key gateway markets see a widening rental gap between the CBD and decentralized submarkets

• In 2021 the rental gap between core and decentralized submarkets has widened for the key gateway cities – Hong Kong, New York, Beijing and Tokyo – as core business districts continued to attract healthy interest from corporate occupiers.

The majority of premium office buildings are certified in sustainability

• 84% of the premium office buildings surveyed have a certification in environmental sustainability, such as LEED or BREEAM. For spaces in the high-end markets, the proportion of sustainability-certified buildings rises to 100%.