Asia Pacific office rents show strongest growth

PUBLISHED : Wednesday, 24 August, 2011, 12:00am
UPDATED : Wednesday, 24 August, 2011, 12:00am

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Despite growing global economic uncertainty, average office rents worldwide rose faster in the second quarter than in the first thre months of the year thanks to growth in the Asia Pacific.

The Global Office Rent Index, compiled using data from 123 cities around the world, posted a year-on-year increase of 7.4 per cent during the second quarter, the fifth straight quarterly rise, CB Richard Ellis reported. The Asia Pacific saw a 13.4 per cent year-on-year increase in rents in the second quarter, the most since their previous peak in the fourth quarter of 2007.

Improvement in the Americas was modest, with rents up 1.5 per cent year on year due to a slow recovery in US, cautious occupier sentiment and high vacancy rates. The Europe, Middle East and Africa bloc grew 2.4 per cent, down from 2.8 per cent.