The financial crisis may spell some good news to restaurateurs in Beijing as restaurant rents are falling due to the sluggish real estate market.
Commercial space rental fees in Beijing are expected to dive further this year due to excessive supply, according to a recent report from CB Richard Ellis, a US commercial real estate services firm.
The report said about 2.13 million square meters of commercial space will enter the Beijing market this year, twice the amount of 2008.
"Real estate companies are facing greater pressure to attract businesses. That will give us more bargaining power," said Fu Guojun, director of sales and marketing of Beijing Huajia Yiyuan Restaurant Co Ltd.
Huajia Yiyuan is famous for its old siheyuan (courtyard) restaurant near Dongzhimen. The 10-year-old restaurant chain also owns four other restaurants in eastern Beijing.
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