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European Office Rents 'Unchanged' In Q2

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Commercial property  Commercial Real Estate  CB Richard Ellis  CBRE  Peter Damesick  Global Capital Value Index 

European Office Rents 'Unchanged' In Q2

By - Tuesday 06 September 2011

There were few rental increases noted across European office markets during the second quarter of this year, the latest report from CB Richard Ellis (CBRE) has revealed. According to the organisation, many of the continents main commercial centres also saw take-up of space in the sector decline during this period, with CBRE recording a six per cent drop compared to the same three months in 2010.

However, there were a handful of locations that saw an improvement in their office markets in terms of occupier activity, notably Munich, Amsterdam, Frankfurt and Moscow. The Russian city was also one of the best performing in terms of rising office rents too, experiencing a quarter-on-quarter increase of ten per cent during the three months between April and June. Peter Damesick, Europe, Middle East and Africa (EMEA) chief economist at CBRE, commented: "Growing economic uncertainty linked to the eurozone debt crisis was reflected in slower occupier activity across leading office markets in Western Europe."

In August, CBRE published its Global Capital Value Index for commercial real estate, which showed that every region around the world posted a year-on-year increase in prices for such properties during the second quarter. The EMEA saw rises of 8.6 per cent during this period, which was the weakest performance of any area.

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