Beijing Commercial Real Estate

Some fairly staggering numbers on the mess that is commercial real estate in Beijing:

500 million square feet of commercial real estate has been developed in Beijing since 2006, more than all the office space in Manhattan. And that doesn’t include huge projects developed by the government. [Jack Rodman] says 100 million square feet of office space is vacant — a 14-year supply if it filled up at the same rate as in the best years, 2004 through ’06, when about 7 million square feet a year was leased. [Emphasis mine]

More via L.A. Times, and Michael Pettis.