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Beijing Prime Office - 1Q 2013

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Beijing Prime Office - 1Q 2013

Beijing recorded a 7.9% year-on-year Gross Domestic Product (GDP) growth in 2013 Q1, which was 0.9 percentage point faster compared to the same period of last year, or 0.2 percentage point faster compared to the national average. The strong lift in industrial sector highlighted this quarter, with major drivers from production of cars, electronic equipments and medicals.

Beijing Jinyi Building, namely E10 project, in Beijing Financial Street, was launched in the first quarter, adding 23,000 sq m of space to the market. The market vacancy rate increased 1 percentage point to 4.8% due to tenant adjustment. The market had seen the vacancy rate up for two consecutive quarters. However, further increase in the rate is expected to be limited due to small new supply.

Source : Knight Frank

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