Rents in London skyscrapers are increasing at a faster rate than in any other global city.

According to Knight Frank’s 2017 Skyscraper Index, office rents in London’s skyscrapers are increasing at a quicker rate than in any other worldwide city. Rents in skyscrapers in London grew 9.7% in the second half of 2015, according to the skyscraper index, which evaluates the rental performance of commercial buildings exceeding 30 floors around the world. In the last Skyscraper Index, which covered the first half of 2015, London likewise topped the chart for rental growth. job

Rents in skyscrapers in San Francisco and Hong Kong rose 4.76 percent and 3 percent, respectively, over the same period, greatly outpacing rent growth in other worldwide capitals.

Singapore was the only worldwide city where skyscraper rentals fell significantly during the period, with the 4.75 percent dip attributable to oversupply and waning tenant confidence as the Chinese economy slowed.

Rents in Hong Kong’s skyscrapers are still among the highest in the world, at $263 per square foot in H2 2015. New York is still in second place, with skyscraper rents at $155 per square foot, and Tokyo is in third place [$129 per square foot].

“There has been much debate around the future of London’s skyline,” Will Beardmore-Gray, Head of Knight Frank’s Tenant Rep and Agency Business, tells World Property Journal, “but the rental performance of the Capital’s skyscrapers points to the fact that there is huge demand for space in landmark, tall buildings, and we expect the upward pressure on rents to continue.”

Knight Frank Research Associate Ally McDade says, “London is the world’s fastest rising office tower market for the second time in a year, thanks to a diverse range of tenant demand and limited supply. The rapid expansion of the tech sector in the United States is fueling rental growth in locations like San Francisco and Boston. In the second half of 2015, Mumbai’s ascent as a top performer was aided by development in technology, as it surpassed financial and business services as the biggest occupier of office space.”