Dec 28, 2011 05:27 PM

Beijing Office Space Leasing Prices Up 43 Percent


(Beijing) – Leasing costs for premium office spaces in Beijing climbed dramatically in the past year, with many analysts attributing the price increase to lower growth in the supply of office building space.

According to a report released by Colliers Macaulay Nicolls Group of Companies (CMN) on December 27, the average rental price for premium office space in Beijing grew by 43 percent from a year earlier.

Xie Jingyu, a senior executive of CMN (China), said that the overall vacancy rate of office buildings in Beijing hit a record low at 4.8 percent.

Premium office space inventory by December was up 7 percent from one year earlier.

Analysts expected rental prices for premium office space in Beijing to increase on companies upgrading their office space, despite a slowdown in the overall property market.

Wen Ming, senior executive of a Hong Kong-listed property developer, said that no new premium office space was added to the markets of any tier-1 cities this year. Rental prices for some office buildings rose by as much as 70 percent this year in some cities.



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