Beijing's Finance Street ranks 3rd globally for priciest office space  

File photo of skyscrapers at Beijing's Finance Street.

Shanghai (CNS) -- Beijing's Finance Street ranks third on the list of the world's most expensive office locations, following London's West End and Central Hong Kong, China News Service reported, citing a global survey.

A semi-annual, global prime office occupancy costs survey by CBRE Group, the world's largest commercial real estate services firm, said London's West End remained the world's highest priced office market in the first half of this year, with overall occupancy cost of $277 per square foot.

Asia continued to dominate the world's most expensive office locations, accounting for three of the top five markets. Hong Kong's Central District has total occupancy costs of $242 per square foot, Beijing's Finance Street is $194 per square foot, while Beijing's Central Business District is $187 per square foot.

Sean Lim, head of landlord services for CBRE China, said that as more and more Chinese firms realize the great benefit of prime office locations, they intend to invest to raise their brand images. The cost of prime locations in Beijing will continue to rise in the following 12 to 24 months, he added.

CBRE tracks occupancy costs for prime office space in 126 markets around the globe. Of the top 50 most expensive markets, 21 are in EMEA, 20 in Asia Pacific and 9 in the Americas.