Several Office Rent Reports Provide a Treasure Trove of Information

Global Office Trend
Reports Available

Commercial office rents by city and their rate of change; Differing lease protocol by country; and commercial office property expectations in 2010 by real estate economists, are some of the information available on the web.  We break some of down with links:

Commercial Office Rents Down in Most Cities
CB Richard Ellis’ Global Office Rents Report notes several interesting trends:
Europe and the Middle East continue to have the largest number of markets in the top 50 in terms of commercial office rents, led by London’s West End ($184/sf/year).  Asia Pacific has 12 of the top 50 most expensive cities in the world, including three of the top five, led by Tokyo’s Inner Central Market ($171/sf/year).  In North America, Midtown Manhattan – now ranked 24th worldwide - has the highest office occupancy cost at $68/sf/year.  (Office occupancy costs measured in U.S. dollars are affected by changes in the dollar’s value vs. the local currency. The dollar weakened by 15% from March to September, 2009.)

The fastest changing office markets by occupancy costs last year were found in the world’s financial centers (Hong Kong saw a 40% decrease.  Midtown Manhattan saw a 30% decrease) and in emerging markets (Ho Chi Minh City down 45% and Abu Dhabi down 39%.)  Decreases last year were found in most European, North American and Asian markets.  Some areas proved to be resilient last year, specifically Aberdeen, Scotland and Rio de Janeiro, Brazil, which both increased by 10%.

Read CB Richard Ellis’ Global Office Rents Report

Read Colliers U.S. Market Reports

Read Colliers Real Estate Market Reports

Lease Protocol Differs By Country
Leases in the U.S. are generally 5-10 years, but in Denmark, they are generally 3-5 years.  Options to renew or extend your lease are possible with a rent review to market level in Canada, but in France, landlords pay an eviction indemnity if they refuse to renew.

Read Collier’s Worldwide Leasing Guidelines

Commercial Real Estate Expected to Begin Recovery in 2010
Cushman & Wakefield’s Economics and Research team predicts a real estate recovery in 2010 in the America’s; slow growth in Europe and the Middle East; and healthy growth in Asia-Pacific.

Read Cushman & Wakefield’s Economic Reports and listen to their regional podcasts