Global Occupier Markets: Prime Office Costs – Q1 2024
"Concessions and inducements hold sway"
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"Concessions and inducements hold sway"
"As the Grade A office market becomes increasingly competitive and tenant demands change, developers must have a suitable development and operational plan for their projects to ensure favourable business outcomes. "
"City sees lowest quarterly turnover since 1996 as buyers await new opportunities "
"Cumulative volume surpasses £1bn, with activity dominated by smaller lot sizes"
"Corporates resume office relocation assessments The completion of new buildings meant that average Grade A offi ce rents increased by 2.9% in 2023."
"In the wake of the Covid-19 pandemic, businesses across industries have been compelled to reevaluate their approach to workspace utilisation and design."
"February sees another quiet month as the City market heads for lowest Q1 in more than a decade"
"The Tokyo office market is expected to see further gradual growth in 2024. Average rents and vacancy rates have kept demonstrating positive performance. The large supply from 2023 has been absorbed well and the small supply in 2024 should provide breathing room for further absorption. However, older and less accessible offices continue to face challenges."
"In the post-pandemic era, best-in-class office space is vital, attracting talent, fostering community, and enhancing well-being. Limited prime stock and a lack of development may impact take-up levels going forward, creating investment opportunities in refurbishing secondary assets for evolving business needs"
"Transactions and new stock remain subdued, with demand prevailing for well-located assets"