Insights & Research

Global Prime Office Rent Tracker

Explore prime office market data for major global markets.

Learn more about the Global Prime Office Rent Tracker’s data.

The Global Prime Office Rent Tracker illustrates the office rent cycle for core locations that attract the highest rents and represent the principal concentration of major occupiers. Occupiers can use the rent cycle to evaluate whether to lease now or wait for rents to come down. Investors and developers seeking to deploy capital into offices can shape investment strategy according to where markets are in the cycle.

Q4 2024 Global Prime Office Rent Tracker

Prime office asking rents increased year-over-year in 51 of the 74 global markets tracked by CBRE in Q4 2024. Strengthening demand for limited supply of new buildings in core locations drove prime rent growth.

Americas
Nine of the 17 major Americas office markets tracked by CBRE had year-over-year increases in prime office asking rents1 in Q4 due to continued strong demand for top-tier space and a dwindling pipeline of new supply.

Calgary led with year-over-year rent growth of 16.0%, followed by Atlanta (14.5%), Denver (11.7%) and Chicago (9.0%). Mexico City had the biggest year-over-year drop in prime rent (-21.0%), driven by a prime building with high asking rent becoming fully-leased, followed by Dallas (-4.1%) and Vancouver (-3.8%).

While overall office demand remains below pre-pandemic levels, prime office space has remained in high demand. Prime buildings have registered 57.4 million sq. ft. of positive net absorption since Q1 2020, compared with negative 163.7 million sq. ft. in non-prime buildings. The 15.3% prime office vacancy rate is 3.8 percentage points below the overall market average. Signs of an emerging office market recovery point to continued demand for prime office space.

Strong demand for newer, amenity-laden prime space will likely outpace lower levels of new supply in some markets throughout 2025, 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 index of prime European office rents rose by 6.3% year-over-year as occupiers maintained their preference for the highest-quality buildings. Twenty-two of the 32 major European markets tracked by CBRE saw year-over-year growth in prime rents.

Several markets had sizable prime rent growth on both a quarter-over-quarter and year-over-year basis in Q4, led by Helsinki (5.8% and 14.6%, respectively), Munich (3.6% and 21.3%), Dusseldorf (3.5% and 12.5%) and London West End (3.2% and 6.7%).

Overall office leasing volume in Europe increased by 4.1% in 2024. Completions of 14 million sq. ft. (up by 4.5% quarter-over-quarter) and net absorption totaling 6.5 million sq. ft. led to an increase in the office market vacancy rate to 8.7% from 8.2% in 2024. Vacancy rates appear to have peaked or almost peaked in many major markets.

Tightening supply and continued demand for prime office space is expected to support further growth in prime office rents in 2025.

Asia-Pacific
Asia-Pacific prime office markets remained resilient in Q4, with rents largely stable. Despite implementing cost saving strategies, occupiers maintained their preference for top-quality space.

Among the 25 major Asia-Pacific markets monitored by CBRE, 20 reported either no change or a year-over-year increase in prime rents. The remaining markets, all within Greater China, had a decline in prime asking rents.

Among mature markets, Brisbane had the biggest annual growth in prime rent at 10.5% due to tightening supply conditions. Tokyo (9.4%) and Seoul (8.3%) also saw healthy rent growth due to sustained occupier interest in prime properties. In developing markets, Mumbai’s Bandra Kurla Complex had an 8.9% year-over-year increase in prime rents driven by robust demand and limited availability of space in amenity-rich, high-quality buildings.

Beijing had the biggest annual decline in prime rents (-15.9%) among mainland China Tier 1 cities, as landlords continued to stimulate demand.

While new supply is expected to peak in 2025, continued strong demand will support prime office rent growth in 2025.

Rent Tracker

Research

Henry Chin, Ph.D.

Global Head of Research

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Julie Whelan

Global Head of Occupier Thought Leadership

Phone +1 508 789 7085

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Jessica Morin

Director, U.S. Office Research

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Richard Holberton

Head of Office Occupier Research, Europe

Phone +44 20 7182 3348

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Ada Choi, CFA

Head of Research, Asia Pacific

Phone +852 2820 2871

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Advisory & Transaction Services

Manish Kashyap

Global President, Advisory & Transaction Services

Phone +1 214 863 4568

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Anna Esteban

Managing Director, A&T Europe, Advisory Services

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Luke Moffat

Head of Advisory & Transaction Services, Asia Pacific

Phone +65 9088 3698

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Global Prime Office Rent Tracker

Construction Slowdown Amid Healthy Demand Supports Prime Office Rents in Most Global Markets

Research

Advisory & Transaction Services

Anna Esteban