Beijing office shortage fuels third-highest rents

Commercial rents in Beijing’s Finance Street are the third-highest in the world behind Hong Kong’s Central and London’s West End, Bloomberg reported, citing data from real estate broker CBRE. The average rent on Finance Street, near Beijing’s central business district (CBD), topped US$80.5 (RMB 500) a square meter at the end of 2013. That compares to US$75.7 in the CBD. Despite poor air quality, the slow rate of property development, strong investment demand and the city’s appeal as a financial hub has all helped raise office rents to heady levels.