(Yicai Global) April 13 -- Several commercial property tenants in Beijing have had to sublease their stores and offices at a discount in a bid to ease their financial pressures amid the Covid-19 epidemic.

Some who sublet their property relocate further to the suburbs with lower rents while others narrow their offline operations, China Securities Journal reported today.

The epidemic will accelerate the elimination of some enterprises in the office and retail space, Zhang Bo, chief analyst of 58 Anjuke Institute, told the same news outlet.

During the first quarter of this year, Beijing's office rents fell by nearly 3 percent from a year ago, the fifth straight month of declines, according to institutional data. The related vacancy rate reached over 13 percent, a new high since 2010.

An owner of an urban mini-market had rented out his store premises at a daily price of CNY4 per square meter (56 US cents), citing difficulties in securing rent forgiveness. Before the pandemic, shops nearby were leased for more than double the price.

Good locations with loyal tenants have a better chance of resisting the downturn while the average daily rent per sqm has dropped by a range of CNY1 to CNY1.5, said an agent.

Editor: Emmi Laine