Beijing and Shanghai top the list of office investment potential in 15 major Chinese cities, according to a report from world leading commercial real estate services and investment firm CBRE Group.

In general, first-tier cities are expected to deliver stable returns with a low level of risk, underpinned by a well-developed market and resilient demand from foreign and domestic occupiers. But the key challenge for most first-tier cities is aggressive pricing, as net yields for office investments in these cities average between 4 and 5 percent, according to data compiled by CBRE Research.

Beijing was rated as the best office investment city in China based on its strong historical rental performance, low vacancy rate and limited future supply. Office occupancy costs of the capital's Financial Street and the CBD are now among the most expensive levels in the world.

Shanghai performed well in the risk category thanks to its strong net take-up and high investment liquidity. Ranking second in the list for office investment outlook, Shanghai has attracted a large number of multinational corporations, with 491 of the Fortune 500 now operating an office in the city.

Average office rent in the Waigaoqiao area, which is part of the Shanghai's pilot free trade zone, had increased by 42 percent quarter-on-quarter as of the last quarter of 2013.