Beijing rents outstrip NY
BEIJING office rents have soared over 75 per cent over the past year, making China’s capital more expensive to locate an office than New York’s Midtown district, new research shows.
Cushman & Wakefield, a property consultant, said Beijing experienced the steepest increase and now ranks as the fifth most expensive office market in the world with occupancy costs averaging $130 per sq ft in 2012.
Asia Pacific is experiencing a boom in office rents fuelled by rising demand and increasingly limited supply, and recorded the highest rental growth globally.
Hong Kong remains the world’s most expensive office market for the second year running, followed closely by London’s West End, Tokyo and Moscow. Russia’s capital city enjoyed the steepest increase in rents of all European markets in 2011– up 41 per cent.