The frequent headlines about falling house prices in China could lead an observer to the conclusion that the country’s property market is in trouble. Yet, in the office sector, nothing could be further from the truth.
Years of price rises have made office rents in Beijing more expensive than in midtown Manhattan.
Having risen 75 per cent last year, occupancy costs in downtown Beijing are $1,082 a square metre for a year, compared with $992 in New York, according to a survey by Cushman and Wakefield, a commercial property services company.
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