Prime office rent in Beijing has risen by 75% in 2011, the steepest increase of any city in the world according to estimates from real estate services firm Cushman & Wakefield. Fuelled by rising demand and increasingly limited supply, Asia-Pacific has witnessed an average 8% rise in rent, the highest of any region in 2011.
Office space in Beijing is now more expensive than in Shanghai, making it the third most costly city in Asia, behind Hong Kong and Tokyo. Following on its heels, the second and third largest increases in office rent in 2011 were in Shanghai and Singapore, where prices rose by 27% and 24%, respectively.
Hong Kong remains the most expensive city in the world for office space, followed by London and Tokyo.