Beijing's Financial Street Sports World's Third-Highest Rents

Shanghai, Beijing has defeated you once again. Although this time, the news may not be good for business.

In a ranking of the world's most expensive office markets by U.S.-based property investment and management company Jones Lang LaSalle, Beijing places third globally, behind only London and Hong Kong, with average office rental prices at USD 137 per square foot (about one-third of a square meter) per year. London topped out at USD 194 per square foot per year in St. James.

"This Beijing submarket was planned and built specifically to attract the highest-tier financial institutions. Major state-owned enterprises and global investment banks and insurance companies have accepted the invitation," the company's report said.

"The corporate tenants, law and consulting firms, venture capitalists, banks, hedge funds and other financial-services firms who call these places home clearly believe that the benefits outweigh the cost," the report said.

Shanghai's Lujiazui costs a measly USD 87 per square foot per year. Ha, ha ha, take that Shanghai.

Image: Jones Lang LaSalle