High rents send firms 'over the edge' in Beijing, Shanghai

Honeywell International Inc decided in June to move its Beijing office from a building in Liangmaqiao, a busy street in the eastern part of the city that runs off the Third Ring Road, to Jiuxianqiao, near the northeastern Fifth Ring Road.

The relocation will allow the multinational corporation to consolidate all its Beijing employees at one location in a new office building with nearly 15,000 square meters of space. It also brings the technology company near other industry giants.

What's more, the rent in Jiuxianqiao will be about half as much as in Liangmaqiao, which is near many high-end hotels, apartment buildings and embassies.