Less than one-third of all EMEA markets is seeing rises in rent.
Research by CB Richard Ellis found that 28 markets in the Europe, Middle East & Africa region experienced rental decline. A total of 16 EMEA markets reported rent rises, according to CBRE’s semi-annual Global Office Rents survey.
EMEA continues to have the most markets in the top 50 list, with 30 markets. CBRE said the region is showing “signs of stabilisation, as the eurozone recovery continues”.
London remains the world’s most expensive place to rent offices. The UK capital’s West End district still commands the top rent of €1,530 per m2 per year. The City of London was seventh on the list of the top 50 destinations, and that market reported the most significant gains.
Paris, at €914 per m2 per year, also made the top 10, trailing London and fifth-placed Moscow, where rents were €1,013 per m2 per year.
On a year-over-year basis, global occupancy costs are, said CBRE, now beginning to find their cyclical lows. Year-on-year, a 1.3% fall in office occupancy costs for the 175 markets was recorded.
