Global Occupier Markets: Prime Office Costs – Q3 2024
"Global prime office costs have seen an increase of 3.1% from last year as demand for prime office space remains high, while densification trends vary regionally"
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"Global prime office costs have seen an increase of 3.1% from last year as demand for prime office space remains high, while densification trends vary regionally"
"Amid a myriad of unique challenges across different global markets, mid-size and large international law firms are adjusting growth plans, office locational strategies and legal renumeration approaches. "
"Prime office rents in major cities around the world have risen 3% in the past year, while significant premiums have emerged for top-tier space over the wider Grade A market"
"Our analysis of the top 10 prime office occupier deals by size across global cities shows that expansions and renewals still dominate activity, in spite of rising costs and broader economic uncertainty. Tech remained the top industry by deal volume, followed by finance."
"Concessions and inducements hold sway"
"There is a renewed sense of optimism in commercial real estate markets, underpinned by more than the simple exuberance that often accompanies a new year"
"Our latest quarterly reviews of global office and logistics capital markets explore the appetite for deal-making across key EMEA, North America, and Asia Pacific markets, amid a challenging macroeconomic environment"
"Global investment volumes hit a post-GFC low in the third quarter of 2023, as both cyclical and structural concerns continue to weigh on investor sentiment"
"More certainty around interest rates and borrowing costs should help to facilitate a floor in pricing for offices, and eventually a recovery in investment activity, particularly for those investors who can separate the art from the artist"