China Has Three Biggest Increases In Global Office Costs
Bloomberg reporter Kelvin Wong sheds light on real estate prices in China’s first-tier cities by comparing major cities’ office space prices.
Business districts in Beijing and Guangzhou had the biggest increases in office occupancy costs globally in the first quarter, according to a report by CBRE Group Inc. (CBG), the world’s largest commercial realtor.
Four other locations in the Asia-Pacific region — Shanghai’s Pudong district, Jakarta, Sydney and Bangalore — along with two areas in San Francisco, and Moscow, made up the other top 10 spots, the Los Angeles-based company said. Two areas in Beijing — Jianguomen and the Finance Street — topped the survey with increases of 49 percent and 42 percent from a year earlier. Guangzhou, southern China’s biggest city, was third with a 40 percent gain.
Multi-national companies are expanding their footprint in emerging markets to tap growing spending power in countries such as China and India. Demand for prime office space in first-tier cities in China, the world’s fastest growing major economy, is also being driven by a lack of new supply and the expansion of domestic financial institutions, according to CBRE.
See also: 北京國貿CBD 陸新毒地地王 [zh] and 李承鹏 : 潘石屹报料称昨日CBD地王争夺战中，唯一买家的中信报出26.32亿元投标价，与该地块标底完全相同 [zh] via China Digital Times Chinese.