Newly Leased Space in Beijing Prime Office Buildings Plunges 21%
Office leasing in Beijing plunged 21% in the first quarter from the fourth, according to real estate service provider CBRE Group Inc., signaling businesses’ reluctance to expand in a shaky post-pandemic economy.
The data reflect newly leased areas in prime office buildings. The number of deals signed to expand office space rental in Grade A office buildings in Beijing dropped 6% during the first three months from the last three months of 2022. The average expansion area of office rental decreased from 1,700 square meters to 1,400 square meters on a quarter-to-quarter basis, data from CBRE showed.
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