Premium office rents in first-tier cities stay high, though softer

Office buildings from smaller cities under pressure from supply glut, weak demand, report says

Premium office rents in China's first-tier cities have softened but remain high, while rents in second-tier cities are under pressure, according to a report by real estate consulting service company Cushman & Wakefield.

Rents for grade A office buildings in Beijing, a barometer of China's commercial property market, retreated by 1.5 percent quarter-on-quarter in the second quarter to 514 yuan ($83) per usable square meter, according to the report. Rents for such space in Beijing have been easing since last year.