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Corporate sentiment continues to be upbeat, with confidence in the global economic outlook holding firm. Yet this optimism has so far failed to deliver a clear upturn in leasing market momentum, with rents on prime office assets across 95 markets maintaining a moderate growth rate of 2.4% year-on-year and 0.6% quarter-on-quarter.
A shortage of high-quality space in the world's major CBD office markets is encouraging landlords to push up asking rents, but occupiers remain very price sensitive and, in some locations in Asia Pacific and Europe, this has stymied leasing activity. The same pricing pressure is apparent in the U.S.; however, stronger market fundamentals have been able to support more robust rental growth – U.S. markets accounted for eight of the top 10 global performers over the past quarter.
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Monday, May 11, 2015