Beijing office rents ‘rise 75%’ to top new york

Office rents in Beijing are more expensive than New York after rising 75 percent last year as China’s rapid economic growth sparked strong demand, an international real estate company said.

The Chinese capital is now in fifth place for the world’s most expensive office space, with New York’s midtown Manhattan coming sixth, Cushman & Wakefield said in its 2012 rankings released this month.

The top spot was captured by the Southern Chinese territory of Hong Kong, followed by London and Tokyo. The Russian capital Moscow was fourth.

“The unprecedented urbanisation process in China and strong economic growth will continue to drive up the demand for office space,” Andy Zhang, managing director of Cushman & Wakefield China, said in a statement.

Source: VancouverSun.com