Beijing office space 4th most expensive globally

Beijing's office space became the fourth most expensive in the world in 2013, a leap from 2012's seventh spot, according to a report by Cushman & Wakefield, a commercial real estate services company.

The report, released on Tuesday, said office space in Beijing's central business district cost $1,420 per square meters. Though this was unchanged from 2012's level, the slump in other major cities' office prices has pushed Beijing up in the rankings.

For example, office space in Tokyo, Rio de Janeiro and New Delhi was more expensive than Beijing's in 2012, but all experienced significant drops last year, ceding their positions to Beijing.

Fueled by strong demand and insufficient supply, the price of London's office buildings rose 5 percent from the previous year. The $2,927 per sq m average made it the most expensive city in the world, surpassing Hong Kong once again.