Beijing office rents outstrip New York
By Simon Rabinovitch in Beijing
Office rents in Beijing have soared over the past two years, making it more expensive to lease prime work
space in China’s capital than in New York, according to an industry survey.
A boom in demand and limited supply of high-quality space catapulted Beijing to fifth place in a list of the
world’s priciest office locations which was compiled by Cushman & Wakefield, a commercial property services firm.
Hong Kong retained the top spot, followed by London, Tokyo and Moscow. New York was sixth, just behind Beijing.
Prime office rents in Beijing’s central business district rose 75 per cent last year, the fastest globally, and up from
a 48 per cent increase in 2010, according to the survey.
It now costs $130 a year for a square foot of a top-grade office in Beijing, compared with $239 in London’s West
End and $120 in midtown Manhattan.
The boom was not confined to Beijing. Prime office rents in Shanghai also jumped last year, rising 24 per cent,
according to Cushman & Wakefield.(略)
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