Beijing Tops New York in Office Rent

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Beijing has become the fifth most expensive city in the world in terms of prime office rent after an eye-popping 75 percent price rise in 2011, an industry report said.

It now costs US$130 per square foot to rent top-grade office space in Beijing, compared with US$120 in midtown Manhattan, according to a report by Cushman & Wakefield, a property services firm.

Last year's price surge in Beijing, the fastest among major global cities, followed a growth of 48 percent in 2010, according to the firm.

From a broad global perspective, rental-rate growth has been driven primarily by modest economic improvements in an environment of limited new supply, Glenn Rufrano, C&W's CEO was cited by news portal sina.com.cn as saying.

Hong Kong remains on the top of the list, followed by the West End of London with an annual occupancy cost of $244 per square foot and Tokyo at $197 a square foot.