Rents rise 8.2% in Beijing's urban retail market

The average monthly rent in Beijing's urban retail market increased by 8.2 percent year-on-year to 735 yuan ($113) per square meter in the third quarter, international real estate consultancy company Jones Lang LaSalle said in a report on Monday.

This is mainly because shopping malls managed to improve rental revenues through tenant adjustments, according to the report.

Landlords with prime locations and the proper capacity for managing operations experienced the strongest rental growth.

The company predicted that the vacancy rate will decrease and average rents will continue to increase in the fourth quarter of this year.

Two new core malls, Parkview Green and Beijing Hotel Phase II, will bring 136,000 sq m to the city's retail market, according to the company.