Q4 2025 Global Prime Office Rent Tracker
Prime office asking rents rose year-over-year in Q4 in 54 of the 74 global markets tracked by CBRE, driven by increased demand for prime space and by fewer construction completions.
Americas
Twelve 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 historically low levels of new supply.
Calgary led with year-over-year rent growth of 18%, followed Dallas (15%) and Century City in Los Angeles (13%). Seattle, Boston and Vancouver had the biggest year-over-year drops in prime rent of 2% each.
While overall office demand was below long-run averages, prime office space remained in high demand. Prime buildings have registered 69 million sq. ft. of positive net absorption since Q1 2020, compared with negative 155 million sq. ft. in non-prime buildings. The 14% prime office vacancy rate is 6 percentage points below the non-prime average, the largest spread between prime and non-prime vacancy rates on record. Emerging signs of recovery in the office market point to continued demand and rent growth in the prime segment, particularly as construction activity falls to a historic low.
Strong demand for newer, amenity-laden prime space will outpace lower levels of new supply in many 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 prime office rent index for Europe increased by 7% year-over-year, reflecting continued demand for the limited availability of prime office space. Prime office rents grew quarter-over-quarter in 13 of the 32 major European markets tracked by CBRE, with 25 of them recording year-over-year rent growth.
Several markets saw healthy prime rent growth in Q4, both on a quarterly and annual basis, including Hamburg (8% quarter-over-quarter and 14% year-over-year), Lisbon (7% and 14%) and London (3% and 9%).
Overall office leasing volume totaled just over 30 million sq. ft. in Q4, down by 5% year-over-year. Annual office leasing volume fell by 3%, while the overall office vacancy rate increased slightly to 9%.
Office completions fell by 29% year-over-year. Net absorption was positive for the quarter at 4.6 million sq. ft. Occupiers continued to focus on inner city and central business district locations over outer city and suburban areas to attract and retain talent.
Strong rent growth and limited availability in central locations are increasingly pushing occupier demand to more peripheral submarkets.
Asia-Pacific
Asia-Pacific office occupier sentiment improved in Q4, as a clearer economic outlook and more favorable trade policies prompted occupiers to conclude leasing transactions. Demand for prime office space remained resilient, with 17 of the 25 major markets tracked by CBRE recording year-over-year increases in prime asking rents.
Mumbai-BKC led with year-over-year prime rent growth of 22%, followed by Delhi NCR-Gurgaon (12%), Tokyo-Central Wards (10%) and Brisbane CBD (8%). Limited availability of premium assets in core locations, combined with strong flight‑to‑quality relocation and expansion demand, continued to drive prime rent growth. Hong Kong SAR's average prime rent grew by 3% year-over-year and is expected to trend upward in 2026. Meanwhile, average prime rent in mainland China declined, as landlords continued to prioritize stable occupancy and extend generous incentives.
Class A office net absorption increased by 9% quarter-over-quarter to 16.3 million sq. ft. Looking ahead in 2026, leasing demand is expected to strengthen and maintain resilient volumes, fueled by greater office attendance and flight-to-quality drivers.
