China facts of the day

Office rents in Beijing have soared over the past two years, making it more expensive to lease prime work space in China’s capital than in New York, according to an industry survey.

A boom in demand and limited supply of high-quality space catapulted Beijing to fifth place in a list of the world’s priciest office locations that was compiled by Cushman & Wakefield, a commercial property services firm.

Hong Kong retained the top spot, followed by London, Tokyo and Moscow. New York was sixth, just behind Beijing.

Prime office rents in Beijing’s central business district rose 75 per cent last year, the fastest globally, and up from a 48 per cent increase in 2010, according to the survey.

Here is a bit more.