The congregating of knowledge workers, transformation of industrial areas and investors chasing higher returns on their investment all influence the location and design of modern cities, commercial planning and the cost of real estate in that city. Knight Frank is a leading global property consultant that compiles some of the most comprehensive research and analysis of luxury and commercial real estate around the world.
The Knight Frank Prime Global Cities Ranking is the company’s annual report on the most expensive real estate and allows companies to plan their global strategies with asset optimization in mind, and based on global real estate trends. Based on how many square meters (m2) $1 million can buy in that city, here are the world’s 10 most expensive cities according to the report:
At $1 million for just 46.2 m2 of prime space, Shanghai is the 10th most expensive city in the world. With the 5 year forecast for office rents and business yields looking strong, and new building and availability declining, escalation of the real estate value in Shanghai is poised to continue climbing.