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Beijing's office costs surge

(Shanghai Daily)

09:48, February 16, 2012

BEIJING posted the biggest increase in occupancy costs last year among global locations as landlords raised rents aggressively amid limited supply, according to a latest industry report released yesterday by a global real estate services provider.

The average occupancy costs per workstation per annum in Beijing's CBD area rose 38 percent to US$8,830 in 2011, propelling the city to jump from 73rd to 35th in ranking, according to an annual Global Occupancy Costs - Office report by DTZ, which is now part of UGL Services, a division of UGL Ltd.

The global ranking of Shanghai, particularly Jing'an District, rose to 37th in 2011 from 49th a year earlier.

In the Asia-Pacific, Beijing and Shanghai were ranked the top 10 most expensive locations in 2011, with Beijing in ninth spot and Shanghai at No. 10. In 2010, Beijing was at 17th, and Shanghai at ninth.

Globally, Hong Kong remains the world's most costly office location with occupancy costs per annum per workstation at US$25,160, ahead of London's West End and Geneva.

Beijing will rise the most over the next five years, up 13 places into the top 25 most costly markets globally by 2016, the report said.

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