Q2 2026 Global Prime Office Rent Tracker
Q2 2026 prime office asking rents increased year-over-year in 50 of the 72 global markets tracked by CBRE, primarily driven by sustained demand and a limited amount of new supply, while 15 markets had prime rent decreases.
Americas
Thirteen of the 17 major Americas office markets tracked by CBRE had year-over-year increases in prime office asking rents1 in Q2 due to continued strong demand for top-tier space and historically low levels of new supply.
Toronto led with year-over-year rent growth of 14.7%, followed by Century City in Los Angeles (13.2%), Dallas (11.9%) and Midtown Manhattan (10.3%). Double-digit rent growth in several markets was driven by extremely tight availability in the prime segment and little-to-no new construction in the pipeline. Seattle had the biggest year-over-year drop in prime rent (-6.8%), followed by Vancouver (-0.2%).
While overall office demand remains below long-run averages, prime office space has remained in high demand. Prime buildings have registered 75 million sq. ft. of positive net absorption since Q1 2020, compared with negative 139 million sq. ft. in non-prime buildings. The 12.3% prime office vacancy rate is 6.5 percentage points below the non-prime market average, the largest spread between prime and non-prime on record.
Continued demand and rent growth in the prime segment highlight the ongoing recovery of the U.S. office market, particularly as construction activity reaches a historic low. Limited supply of prime space in the tightest markets is creating spillover demand for the next tier of Class A space.
Strong demand for newer, amenity-laden prime space will outpace lower levels of new supply in most markets through 2026, further tightening the top end of the market and supporting prime rent growth.
1Americas region prime office asking rents are for available space only, whereas prime rents cited for Europe and Asia-Pacific include estimates of what occupied space would rent for if it were available.
Europe
CBRE's European prime office rent index rose 5.8% year-over-year, driven by sustained demand and limited new supply. Prime rents increased year-over-year in 21 of the 30 European markets tracked by CBRE.
London-West End (17.5%), Birmingham (14.3%), Hamburg (13.9%) and Milan (9.2%) posted the strongest year-over-year prime rent growth in Q2. Overall office leasing activity totaled 23.4 million sq. ft., down by 14% from Q2 2025, while the trailing-12-month total fell by 7.1%. The average prime office vacancy rate edged up 5 basis points to 9.05%.
Office construction completions fell 0.7% year-over-year but rose by 19.4% quarter-over-quarter to 9.2 million sq. ft., 23.5% below the 10-year quarterly average. Net absorption rose by 43% year-over-year in Q2 to 4.2 million sq. ft. Occupiers continued to favor central business district locations over outer city and suburban areas, prioritizing talent attraction and retention.
Asia-Pacific
Occupier sentiment remained resilient in Q2 2026, with limited impact from the U.S./Iran conflict. Sixteen of the 25 major markets tracked by CBRE recorded year-over-year increases in prime asking rents.
Tokyo’s Central 5 Wards were the top market for year-over-year prime rent growth at 21.8%, followed by Mumbai-BKC (18.1%) and Hong Kong SAR-Central (16.6%). Tight availability and a supply/demand imbalance of the premium assets in core locations have further pushed up prime rents.
In Australia, Brisbane led with 11.1% year-over-year growth, followed by Sydney (6.6%). Both markets have a limited amount of available supply, causing landlords to offer less incentives. Meanwhile, elevated availability is exerting downward pressure on rents in mainland China.
While occupier sentiment remained resilient, particularly by the technology sector, Asia-Pacific Class A net absorption fell by 4.7% year-over-year in H1 2026 to 33 million sq. ft, as limited availability in mature markets constrained leasing activity.
Tight supply conditions in major gateway and core markets, rising construction costs and ongoing flight-to-quality demand are expected to support prime rents through H2 2026.
