Beijing office rents outstrip New York

The price of premium office space in Beijing grew faster than any other major global city last year, making it more expensive to lease high-quality space in China’s capital than in New York City, the Financial Times reported, quoting an industry survey. It now costs US$130 per square foot to rent top-grade office space in Beijing, compared with US$120 in midtown Manhattan, according to data compiled by property services firm Cushman & Wakefield. Hong Kong retained the top spot on the list, followed by London, Tokyo and Moscow. New York came in sixth, just behind Beijing. Prime office rent in Beijing’s central business district rose 75%, up from a 48% increase in 2010, while office rents in Shanghai jumped 24% last year, the survey said. While office rents have continued to surge in China, other sectors of the property market have cooled noticeably due to government restrictions aimed at curbing speculative investment and dampening price growth.