Skyscrapers at Beijing's Finance Street.(File photo)
(ECNS) -- A recent survey found that four of the world's top five most expensive areas for prime office space rental are in the Greater China Region.
Hong Kong's central district, Beijing's Finance Street, Beijing's Central Business District and Hong Kong's West Kowloon district were ranked among the most expensive commercial property areas in the world in the annual global Prime Office Occupancy Costs survey from CBRE, an international provider of commercial real estate services.
In addition, Shanghai's Lujiazui Financial District, with a 9.2 percent year-on-year rental cost increase, landed at No. 9. The vacancy rate in the district is around 0.5 percent, remaining at a historic low, said Zhang Yue, executive director of the office building services department at CBRE for East China.
"China will further open up development of its financial services industry," Zhang said. "At the same time Pudong New Area, with its global influence and powers in technology innovation, will drive productivity, as well as attract and retain more talent."
The survey, which tracks prime real estate prices in 31 office markets in the Asian-Pacific region, shows that regional rental costs in Jakarta, Singapore, Hanoi, Ho Chi Minh City and Perth have indicated a clear downward trend due to China's slow economic growth.
CBRE also predicted that the service industry would grow at a sustained and stable pace that will result in a 2 percent year-on-year increase in global office rental prices during 2016 and 2017.
