How much office space do you need for your business and what will it cost you? For small business owners, this is a recurring problem as the company grows, more staff is hired, and leases run out.
If you are looking for office space as a new entrepreneur or a business looking to expand, a new interactive infographic from GraphicSprings has prices from around the world so you can gauge the marketplace.
Titled, “The World’s Most Expensive Office Locations” the infographic looks at 50 of the costliest cities when it comes to office space.
While you might not be looking for the most expensive space as a small business owner in these cities, proximity to these locations offer great opportunities for growth. By providing services to the companies which reside there, a small business can find a niche and grow.
The Top 10 Most Expensive Offices
The top 10 list is populated by some of the most recognized cities in the world. And in these cities, office space or any space for that matter comes at a hefty premium.
Hong Kong gets the top spot with a per square foot price of $181. Considering it is an island and a financial hub in Asia, this is not too surprising. What is astounding is the second spot, which is Beijing.
Although Hong Kong is technically part of China now, the city had a history of some of the most expensive real estate prices in the world long before the transfer in 1997.
China is now the second largest economy in the world, and as it continues to grow the price for office space will get more expensive. So, it is not that surprising China has the second, fifth, and eighth spots on the list in addition to Hong Kong.
In Beijing the cost per Sq. Ft. is $171, with Shenzhen asking businesses for $155 followed by Shanghai at $116.50.
Three cities in the US made the list. New York was third with $167 per Sq. Ft. and Silicon Valley and San Francisco took the number four and ninth spots respectively at $158 and $111 per Sq. Ft.
The remain spots go to London with $150 at number six, Tokyo at $133 with the number seven position, and Singapore comes in at number 10 with $108 per Sq. Ft.
Small Business Office Space
One of the benefits of small businesses is the flexibility in which they operate. By simply moving close to a large corporation, owners can have a thriving business without having to pay the exorbitant sums of their much larger counterparts.
The key as a small business is finding what your customers want and addressing it in the best way possible. If you are great at what you do, it doesn’t require having an office in the glitziest location to succeed.
You can take a look at the rest of the top 50 list on the GraphicSprings’ interactive infographic here.