Central Business District of Beijing. [CFP]

Office rents in Beijing have shot up over the past two years and now exceed rates in New York City, according to a report issued by Cushman & Wakefield, a commercial property services firm.

Beijing took fifth spot in the rankings, while New York came in just behind at six. Currently, rents for prime office space in Beijing cost US$130 per square foot, compared with US$120 in midtown Manhattan.

Prime office rents in Beijing's central business district surged 75 percent last year, the fastest globally. The report said Beijing's pricey office space comes as a result of soaring demand and limited supply.

The report also shows that Hong Kong has the most expensive office space in the world, followed by London, Tokyo and Moscow.

China's business press carried the story above on Thursday.

Contact the writer of this story at: hes@china.org.cn.