(Bloomberg) -- 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.
Sigrid Zialcita, Asia Pacific research managing director at Cushman & Wakefield, discusses the gap
To contact the reporter on this story: Pooja Thakur in Singapore at pthakur@bloomberg.net.
To contact the editors responsible for this story: Sree Vidya Bhaktavatsalam at sbhaktavatsa@bloomberg.net, Jake Ulick
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