Beijing tops New York in office rent

Updated: 2012-02-08 16:57


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Beijing has become the fifth most expensive city in the world in terms of prime office rent after an eye-popping 75 percent price rise in 2011, an industry report said.

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 a report by Cushman & Wakefield, a property services firm.

Last year's price surge in Beijing, the fastest among major global cities, followed a growth of 48 percent in 2010, according to the firm.

From a broad global perspective, rental-rate growth has been driven primarily by modest economic improvements in an environment of limited new supply, Glenn Rufrano, C&W's CEO was cited by news portal as saying.

Hong Kong remains on the top of the list, followed by the West End of London with an annual occupancy cost of $244 per square foot and Tokyo at $197 a square foot.