VOLATILITY FAILS TO DENT GLOBAL OCCUPANCY COST GROWTH
Global Prime Office Occupancy Costs | June 2016
Hong Kong (Central) climbed to the top of CBRE’s semi-annual ranking of the world’s most expensive office markets, displacing London-Central (West End), which dropped to second place.
Globally, prime office occupancy costs increased 2.4% in the year ending Q1 2016, the same rate of growth reported in our December 2015 survey.
Costs in the Americas rose 2.3% on an annual basis, with four markets—Monterrey, Atlanta (Downtown), Seattle (Downtown) and Atlanta (Suburban)—logging double-digit percentage gains year-over-year.
In Asia Pacific, the impact of the China slowdown was muted, with region-wide costs rising 2.7% year-over-year, and several Chinese tier-one markets and Hong Kong either holding firm or notching gains.
Occupancy costs in EMEA increased 2.1% year-over-year, with Dublin, Stockholm and Barcelona the fastest-growing markets in the region. Most Central and Eastern European markets were down year-over-year, including Moscow.