Beijing Office Vacancy Rate Rises to 13-Year High

What’s new: More than 18% of office spaces in Beijing were left vacant during the second quarter — the most in nearly 13 years — as businesses are reluctant to expand amid a cooling economy.

The second-quarter vacancy rate of office buildings in the capital reached 18.3%, up 1.5 percentage points from the previous quarter. The rate is the highest since the first quarter of 2010, data from real estate service provider Savills showed.