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Rental growth continues at a healthy pace
Despite heightened financial market volatility and global economic uncertainty leading to a slightly more subdued picture for global office demand during the first quarter of 2016, supply shortages and limited new deliveries have kept the leasing environment highly competitive in many of the world's dominant office markets. Rents on prime office assets across the 95 major markets covered by the JLL Global Office Index rose by 3.6% year-on-year in Q1, the fastest annual pace of growth in four years. Quarter-on-quarter, rents increased by 0.6% compared to 1.3% in Q4 2015.
With the world's major real estate markets appearing to be back on track following a cautious start to the year, business sentiment is improving and corporate activity is expected to ramp up over the course of 2016, with leasing volumes projected to broadly match those of 2015 and some upside potential of up to 5%. Strengthening global occupier demand through 2016 and tight supply will drive continued rental increases, and JLL forecasts prime rental growth of around 3%-4% for the full-year 2016.
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Tuesday, May 10, 2016