Office Space Across the World, by Cushman & Wakefield
According to Cushman & Wakefield’s “Office Space Across the World,” global office rents rose by 3 percent in 2013, the third consecutive year of similar rental performance. While the Americas, Asia Pacific, and EMEA (Europe, the Middle East and Africa) regions all witnessed a relatively slow pace of overall rental growth over the year, certain areas, including Africa and the Middle East, experienced more buoyant rental markets, with prime rents up by as much as 10 percent in certain locations.
Highlights of the report, which was written by Barrie David and Erin Can of Cushman & Wakefield’s London-based European Research Group, include the following:
- London confirmed its position as the world’s most expensive office market for the second consecutive year, while Hong Kong ranked second, followed by Moscow, Beijing and Tokyo. (New York came in sixth.)
- There was a “notable polarisation in performances between North and South America.” While the United States and Mexico saw prime rents rise (by four and six percent, respectively), prime rents declined in some South American locations, with Brazil experiencing the largest year-over-year declines.
- Asia Pacific rental growth was largely flat, reflecting a slowing economy, but the economic climate improved as the year progressed.
- EMEA recorded a regional rental uplift of three percent, the highest regional rise since before the depths of the economic downturn.
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