Soaring Hong Kong office rents are now triple those of Singapore

[SINGAPORE] Hong Kong's office rents are almost three times more expensive than those in Singapore as property markets in two of Asia's largest commercial centers have diverged sharply in recent years.

The spread has boosted Singapore's appeal as a competitive business hub and made it a more attractive location for companies to house their regional headquarters, according to Cushman & Wakefield Inc.

Scarce supply in Hong Kong's Central area has helped push rents higher, while the situation has been just the reverse in Singapore, which is grappling with ample supply in areas including the newer financial district in Marina Bay.

BLOOMBERG