Global prime office rents registered an annual drop of over 5% in Q3 2009, according to the latest global survey released by the CB Richard Ellis Group, Inc. (CBRE).
In particular, global rents for prime office space as of September 30, 2009, registered an average yearly decline of 7.7% in the 179 markets monitored by the CBRE survey. Year-over-year declines in office rental rates were widespread in the majority of markets while over 40 markets registered losses of 10% or more.
Kiev and Singapore were the two worst performing office markets globally as they posted annual declines of -65% and -53%, respectively. Ho Chi Minh City, Hong Kong (CBD) and Abu Dhabi complete the list of the five worst performing markets with yearly decreases in office rents averaging -45%, -41% and -39%, respectively.
Aberdeen (Scotland) and Rio de Janeiro were the two best performing office markets globally as they posted annual increases of 12.3% and 12.1%, respectively. Istanbul, Panama City and Edmonton complete the list of the five best performing markets with increases in office rents averaging 9%, 8% and 6%, respectively.
London (West End), Tokyo (Inner Central) and Tokyo (Outer Central) were the world's most expensive markets with office rents averaging $184, $172 and $139 per square foot, respectively. Hong Kong (CBD) and Moscow, complete the list of the world's five most expensive office markets with average rents of $138 and $132, respectively.
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