Sep. 6, 2012 (China Knowledge) - Beijing, China's capital city, led the country in terms of prime office rent growth in the first half, although the country has experienced slowing economy, according to the latest report released by DTZ, a global real estate advisory leader.
In the first six months, Beijing's high-quality office rents surged 46.8% YoY to RMB 318 per square meter, only second to Shanghai's RMB 348 per sq m, as a result of limited supply.
The new supply of office space in Beijing was only 246,400 sq m in H1, and the city's office vacancy was 2.45% in the period.
DTZ expected office rents in Beijing will continue to increase over the next five years and will exceed rents in Shanghai in 2013.
The report also said that office rents in Shenyang of Liaoning Province and Chongqing Municipality saw robust growth of more than 20% in the period.