Fifth of China’s offices are empty

Vacancy rates for China’s office markets are at the highest level for a decade. CBRE figures showed voids of 21.5% across 17 major cities in Q3, while Cushman & Wakefield’s assessment of top-grade offices in mainland China showed 20% were empty, up from 16.7% for Q3 last year. The rise is less to with oversupply than it is to do with demand drying up. Last year, 12% of new leases in Beijing and Shanghai were taken up by co-working companies. The FT (£)