Office space gets pricier as global economy edges up · PDF fileOffice space gets pricier as global economy edges up ... CBRE RESEARCH. Executive Summary ... Ho Chi Minh City

Office space gets pricier as global economy edges up

December 2015 Global Prime Office Occupancy Costs

CBRE RESEARCH

Executive Summary

London (West End) retained its position as the world’s most expensive office market, followed by Hong Kong (Central) and Beijing (Finance Street). Moscow dropped out of the top 10, replaced by Shanghai (Pudong), which moved up two spots to ninth place.

Global prime occupancy costs increased by 2.4% over the past year amid healthy demand for space in top-quality properties, including from the service sector, which entered its fourth year of worldwide expansion.

In the Americas, prime occupancy costs increased by 3.1% year-over-year, largely thanks to U.S. markets, where rising office-using employment growth stimu-lated demand for commercial real estate nationwide.

Prime occupancy costs in EMEA rose 2.2% from their year-ago mark as the European economic recov-ery gained momentum. While costs in Asia Pacific increased by 1.9% year-over-year, several key markets in the region were impacted by the China slowdown.

Of the 126 office markets tracked globally, 61% (77 markets) recorded an annual increase in prime oc-cupancy costs, 21% (26 markets) declined and 18% (23 markets) saw no change.

Of the 77 markets with prime occupancy cost growth, four saw increases of at least 10%: Seattle (Downtown), Belfast, Dublin and Stockholm. Of the 26 markets with decreases, only Moscow and Calgary (Downtown) were in double digits.

2December 2015 Global Prime Office Occupancy Costs | CBRE Research© 2015 CBRE, Inc.

Prime office occupancy costs have gained speed over the past six months—with the global annual growth rate up 40 basis points from our June survey—as demand for space in the best buildings is exceeding available supply in most markets and the service sector, one of the largest occupiers of prime space, continues on its worldwide growth spurt.

+2.4%PRIME OFFICE COSTS ACCELERATE GLOBALLY

Regional performance

In the U.S., costs for prime office space continued to appreciate in most markets, with the strongest growth once again occurring in tech-centric markets like Se-attle and San Francisco. Key non-gateway and suburban markets like Atlanta also notched material increases in prime costs, reflecting the broader recovery of the U.S. office market. Canadian mar-kets were more mixed, with only three markets tracked seeing increases from a year ago.

Despite the slowdown of China’s economy, costs were essentially stable in all Chinese markets except Shanghai (Pudong), where costs continued to rise amid healthy demand from financial firms and limited availability. The impact of the slowdown was more pro-nounced in markets whose fortunes are closely linked to the Chinese economy, with costs in Jakarta, Singapore, Hanoi, Ho Chi Minh City and Perth all declining by at least 4% year-over-year.

Costs were up in most Eu-ropean markets as the con-tinent’s economic recovery continued to take hold. Re-gional markets in Britain like Belfast and Manchester reg-istered robust cost increas-es—a sign that demand for space is expanding outside of the high-priced London markets. Cities hard-hit by the Global Financial Crisis, including Barcelona and Ma-drid, also saw gains, as did Central European markets, which have become popular among manufacturing and service sector firms seeking lower-cost alternatives.

Year-over year change in occupancy costs

Year-over-year changes by market

Top fivegrowth markets

The Americas EMEA Asia Pacific

IncreaseNo Change

Decrease17 7 727 2 10 33 14 9

Seattle Downtown

Boston Downtown

Atlanta Downtown

San Francisco Peninsula

17.3%

9.3%

9.1%

9.0%

Boston Suburban 8.8%

Shanghai Pudong

New Delhi Gurgaon

Tokyo Marunouchi Otemachi

Hong Kong Central

9.0%

9.2%

8.9%

7.3%

Bangalore CBD 5.8%

Belfast

Dublin

Stockholm

Manchester

15.2%

13.0%

12.1%

9.4%

Helsinki 8.8%

+3.1% +2.2% +1.9%

Most expensive markets

EMEA Asia Pacific The Americas Ranked on a US$ per sq. ft. per annum basis.

01London - West End

$273

05Hong Kong - West Kowloon

$162

08London - City

$149

02Hong Kong - Central

$269

03Beijing - Finance Street

$191

04Beijing - CBD

$183

07Tokyo - Marunouchi Otemachi

$149 $126

10New York - Midtown Manhattan

11Moscow

$127

06New Delhi - Connaught Place - CBD

$151

09Shanghai - Pudong

$135

43 December 2015 Global Prime Office Occupancy Costs | CBRE Research© 2015 CBRE, Inc.

The global economy continued to see gradual broad-based growth during 2015 despite several headwinds, most notably the economic slowdown in China. The advanced economies fared relatively well, with the U.S. con-tinuing to lead global growth and the Eurozone gaining momentum.

Demand for commodities has fallen largely thanks to China’s ongoing transformation. At the same time the supply of commodities—oil, in particular—is at an all-time high, stemming from the expansion of capacity that has taken place over the last decade. These two factors have led to a collapse in prices.

The fall in commodity prices is good for most advanced economies, with lower gas (petrol) prices boosting con-sumer spending in the U.S. and the European Union, and lower inflation contributing to “lower-for-longer” interest rates. However, economies, particularly the emerging markets, that are heavily dependent on oil and commodity production have seen a marked decline in economic growth.

These economic trends closely cor-relate with the shifts that we’ve seen in prime office occupancy costs since our last survey six months ago. Glob-ally, costs to occupy the best-quality office space have risen by 2.4% over the 12 months ending September 2015, up 40 basis points from our last report, with growth chiefly driven by rising rents in U.S. and European markets. Only 26 of the 126 markets tracked saw a decline in costs over the past year, many of which were closely linked to either emerging or commodity-based markets.

Service sector continues growth spurtThe global services sector—the main

occupier of prime office space globally and a bellwether for overall office de-mand—has grown steadily throughout the recovery, which helps to explain the general uplift in office rents and costs we are seeing worldwide.

The key PMI indicator of global service sector activity, produced by MARKIT, hit 53.7 in October, up from 53.3 in September—its 37th month in expansion territory.1 Activity was up in 10 out of 11 countries for which October data was available. The fast-est service sector growth occurred in Ireland, Spain, the U.K. and the U.S., but Japan, Germany, Hong Kong, China, France, Italy and India were also in expansion territory.

THE TOP 10: LONDON RETAINS TOP SPOT, SHANGHAI (PUDONG) RISES TO NO. 9London (West End) remained the world’s most expensive office mar-

ket, a position it has now held in our survey for two straight years. The West End’s top position reflects its status as a global hub and financial center, and is a market where corpo-rate headquarters, banks and hedge funds actively compete for a limited supply of available space, which is further constrained by tight restric-tions on the development of new office properties.

London’s other major office market, the City of London, retained the

eighth spot on our list. The City has also experienced robust demand for space, but is relatively less expensive compared to the West End, partly because it is more supply-responsive and has a proportionately larger sup-ply pipeline that helps keeps prime occupancy costs somewhat in check.

Despite economic headwinds, Hong Kong (Central) stayed at number two in our ranking. However, there is some evidence that overseas financial services companies are seeking to relocate activity to cheaper locations to reduce costs. Supply is tight amid continued demand for space from Chinese companies seeking a pres-ence in what is universally considered one of the most prestigious office markets in the region.

Across the harbor, Hong Kong (West Kowloon) moved up one spot from our June survey to fifth place. The

market offers easy access to—and substantially lower costs than—Cen-tral, and remains an in-demand location among many occupiers—even with the economic slowdown. Vacancy remains low and landlords still have some bargaining power in setting new rents.

Despite the putative slowdown in the Chinese economy, Beijing (Finance Street) and Beijing (CBD) remained the third and fourth most expensive office locations in the world, respec-

The service sector has grown steadily through-out the recovery, which helps to explain the gen-eral uplift in office rents and costs we are seeing worldwide.

i Values above 50 indicate growth in the service sector.


tively. As in London and Hong Kong, there is—and has been for some years—a shortage of good-quality new space. There is some evidence of reduced demand from both domes-tic and multinational occupiers, but, for the time being, prime rent levels, which surged after the stimulus of 2010 and 2011, are holding firm. Over the next several years, however, new supply will be brought on line in the CBD, which should dampen the growth in prime occupancy costs.

India’s economy has regained its impetus, which is helping to further support the office market in sixth-ranked New Delhi (Connaught Place - CBD), where there is steady demand from the banking, financial services and media sectors, and new supply is limited.

Demand for office space from Japa-nese corporations continued to be seen in the prime area of Tokyo (Marunouchi Otemachi), the seventh

most expensive market. New supply is in the pipeline via the redevelopment of well-located but older buildings, although it is unlikely that it will be sufficient enough to reduce occu-pancy costs.

Shanghai (Pudong) moved into the top 10, rising two places to the ninth spot. Despite the China slowdown, demand from financial services firms for prime space in Pudong remains strong. One of the goals of China’s

Source: CBRE Research, Q3 2015.

1 London - Central (West End), United Kingdom 272.56 26 Sydney, Australia 82.18

2 Hong Kong (Central), Hong Kong 269.31 27 Istanbul, Turkey 81.58

3 Beijing (Finance Street), China 190.99 28 Zurich, Switzerland 79.89

4 Beijing (CBD), China 182.92 29 Los Angeles (Suburban), U.S. 79.10

5 Hong Kong (West Kowloon), Hong Kong 162.04 30 Manchester, United Kingdom 74.99

6 New Delhi (Connaught Place - CBD), India 151.27 31 Dublin, Ireland 72.91

7 Tokyo (Marunouchi Otemachi), Japan 149.04 32 Mumbai (Nariman Point - CBD), India 72.71

8 London - Central (City), United Kingdom 148.63 33 Edinburgh, United Kingdom 71.58

9 Shanghai (Pudong), China 134.86 34 Guangzhou, China 70.71

10 New York (Midtown Manhattan), U.S. 127.00 35 Birmingham, United Kingdom 69.69

11 Moscow, Russian Federation 125.64 36 Stockholm, Sweden 68.32

12 San Francisco (Downtown), U.S. 116.40 37 Aberdeen, United Kingdom 68.17

13 Shanghai (Puxi), China 108.31 38 Glasgow, United Kingdom 68.17

14 Paris Ile-de-France, France 103.82 39 Leeds, United Kingdom 65.90

15 Boston (Downtown), U.S. 102.50 40 Mexico City, Mexico 65.18

16 Singapore, Singapore 96.22 41 Jakarta, Indonesia 65.11

17 Washington, D.C. (Downtown), U.S. 94.73 42 Bristol, United Kingdom 64.38

18 Mumbai (Bandra Kurla Complex), India 94.43 43 Taipei, Taiwan 63.66

19 San Francisco (Peninsula), U.S. 93.02 44 Houston (Downtown), U.S. 62.95

20 Dubai, United Arab Emirates 92.57 45 Milan, Italy 60.97

21 Seoul (CBD), South Korea 92.17 46 Ho Chi Minh City, Vietnam 60.35

22 Geneva, Switzerland 91.78 47 Frankfurt am Main, Germany 59.55

23 Shenzhen, China 90.21 48 Rio de Janeiro, Brazil 58.07

24 New York (Downtown Manhattan), U.S. 86.36 49 Perth, Australia 56.33

25 Seoul (Yeouido), South Korea 83.31 50 Seattle (Downtown), U.S. 56.05

FIGURE 1: GLOBAL 50 INDEX – MOST EXPENSIVERanked by prime office space occupancy costs in US$ per sq. ft. per annum as of Q3 2015


current economic policy is to ex-pand the service sector—and there is evidence that this is already hap-pening—a secular trend that should support office demand over the long term. As in the other top 10 most expensive locations, availability of space is limited, though new supply could alter the market balance in the next few years.

New York (Midtown Manhattan) once again rounded out the top 10. While prime office occupancy costs, in U.S. dollar terms, are less than half those seen in London’s West End and Hong Kong’s Central markets, New York is a global city of equal stature to those two locations. However, unlike those markets, development is less restric-tive. Several new projects are current-ly underway, though it will be some time before they come on line.

As the capital of a major world power, Moscow has a strong base of multina-tional corporate occupiers. However,

the weakness of the economy and the fragile geopolitical situation has dampened demand for space and pushed rents lower. As a result, the Russian capital dropped out of the top 10, falling two places to 11th in the global ranking. Further rental declines are expected, and it is likely that Moscow will see further declines before it recovers. It is important to note that the fall of the Russian ruble resulted in an extra decline of Mos-cow rents in U.S. dollar terms.

MARKET MOVEMENTS: EUROPE-AN CITIES CLIMB RANKINGSOf the 126 markets covered in this survey, 65 moved up the occupancy cost rankings, 15 stayed the same and 46 declined. Of the movers, 26 moved up or down only one place.

To better discern patterns of change, Figure 2 contains a list of the 37 markets that have risen by more than three places in the rankings. Nearly two-thirds (65%) of these markets

were in the EU, 16% were in the U.S. and 11% were in Latin America. There were no markets in Asia Pacific that rose by more than three spots.

Markets moving up more than three placesWithin Europe, there were several key themes. Rent values increased materially in several U.K. regional cities—Manchester, Leeds, Liverpool, Southampton and Belfast—providing evidence of an increasingly positive supply-demand balance for markets outside London. After the Global Financial Crisis, London led the EU property market out of recession—and it has been rising in value ever since—but office demand in the rest of the U.K. remained sluggish.

A further 22% of the 37 markets—including Dublin, Milan, Helsinki, Rome, Madrid, Lyon, Barcelona and Lisbon—were in “recovery Europe.” These are all markets that were hard hit by the recession, the Eurozone cri-


12 Dublin, Ireland 6 Leeds, United Kingdom 5 Lisbon, Portugal

12 Stockholm, Sweden 6 Mexico City, Mexico 5 Belgrade, Serbia

11 Barcelona, Spain 6 Munich, Germany 4 Manchester, United Kingdom

10 San Francisco (Peninsula), U.S. 6 Amsterdam, Netherlands 4 Milan, Italy

10 Buenos Aires, Argentina 6 Belfast, United Kingdom 4 Seattle (Suburban), U.S.

10 Southampton, United Kingdom 6 Atlanta (Downtown), U.S. 4 Helsinki, Finland

10 Monterrey, Mexico 6 Atlanta (Suburban), U.S. 4 Rome, Italy

8 Seattle (Downtown), U.S. 6 Rotterdam, Netherlands 4 Brussels, Belgium

8 Liverpool, United Kingdom 5 Frankfurt am Main, Germany 4 Denver (Downtown), U.S.

8 Lima, Peru 5 Chicago (Downtown), U.S. 4 Berlin, Germany

7 Warsaw, Poland 5 Madrid, Spain 4 Bucharest, Romania

7 Hamburg, Germany 5 Prague, Czech Republic

6 Washington, D.C. (Downtown), U.S. 5 Lyon, France

FIGURE 2: MARKETS UP MORE THAN THREE PLACES IN THE MOST EXPENSIVE RANKINGSRise in rank from Q1 2015


sis and the subsequent restructuring in their national economies. However, Spain and Ireland are now two of the fastest-growing economies in the EU, and Portugal and France are also picking up.

Four of the rising markets—Prague, Warsaw, Bucharest, Bucharest and Belgrade—were in Central Europe, which has performed better because of the pick-up in the Eurozone and the benefits it offers as a low-cost lo-cation for manufacturing and service sector activity. Poland was the only Western country that did not go into recession during the Great Financial Crisis or the subsequent sovereign debt crisis in the Eurozone.

Twenty-seven percent of the 37 markets that climbed three or more spots were in the Americas. In the U.S., prime occupancy costs grew in some gateway, some non-gateway cities and some suburban markets—including Washington, D.C. (Down-town), San Francisco (Peninsula), Se-attle (Downtown and Suburban) and Atlanta (Downtown and Suburban)—evidencing the growing breadth and depth of the office recovery in the U.S. San Francisco remains a hot market due to the dominant pres-ence of the tech sector, and despite an increase in the supply of Class A product.

The final four markets of the rapid risers were in Latin America—Lima, Monterrey, Buenos Aires and Mexico City—remind us that the troubles be-ing felt by Brazil are not typical of the whole region. For instance, Mexico is in a good state of economic health.

Markets moving down more than three placesOverall, 46 markets fell in our rank-ings. Of these, only 17 fell by over three places (Figure 3). The key trend is obvious—eight of the 17 markets were in economies that have strong links to oil or commodities exports, including Rio de Janeiro, São Paulo, Calgary (Downtown and Suburban), Jakarta, Perth, Santiago and Bris-bane. With oil prices expected to fall further and China continuing

to slow, we should expect the pres-sure on these markets to continue for another 12 months or so. While not directly impacted by weak com-modities markets, four of the fallers, Auckland, Adelaide, Melbourne and Vancouver (Suburban), are in econo-mies that have seen a slowdown in growth due to weak global demand for raw materials.

It should be noted, however, that oil-centric U.S. markets have not fallen in the rankings. This points to the overall strength of the U.S. economy and the offset to declines in oil prices by broader service sector growth.

CHANGES IN COST: EMEA, AMERICAS DRIVE GLOBAL RISEFigure 4 shows the overall level of

-17 Rio de Janeiro, Brazil -9 Calgary (Suburban), Canada -7 Melbourne, Australia

-16 São Paulo, Brazil -8 Adelaide, Australia -7 Vancouver (Suburban), Canada

-16 Calgary (Downtown), Canada -8 Bangkok, Thailand -6 Boston (Suburban), U.S.

-12 Auckland, New Zealand -7 Perth, Australia -4 Brisbane, Australia

-9 Jakarta, Indonesia -7 Santiago, Chile -4 Manila, Philippines

-9 Marseille, France -7 Washington, D.C. (Suburban), U.S.

Q3 2015 Q1 2015

Global 2.4% 2.0%

Americas 3.1% 2.9%

EMEA 2.2% 1.5%

Asia Pacific 1.9% 1.4%

FIGURE 3: MARKETS DOWN MORE THAN THREE PLACES IN THE MOST EXPENSIVE RANKINGS



Fall in rank from Q1 2015

40 bps

70 bps

20 bps

50 bps

FIGURE 4: ANNUAL WEIGHTED AVERAGE CHANGE IN OCCUPANCY COSTS

Change


growth in prime occupancy costs, which are largely driven by rental growth, for the year ending Q3 2015. Despite the fact that some markets have been hit by the China, oil and commodities slowdowns, the overall pattern is that prime office occupancy costs remain on the rise. This reflects the fact that demand globally for prime office space is greater than sup-ply, particularly in advanced econo-mies. Leading indicators of service

sector employment growth remain positive, further corroborating our findings.

While year-over-year occupancy cost growth was highest for the Americas, up 3.1% over the past 12 months, (compared to 2.9% for the year end-ing Q1 2015), the biggest increase in growth was in EMEA, at 2.2% in the year ending Q3 2015 (versus 1.5% for the year ending Q1 2015). This ac-

counts for the disproportionate share of European markets among the global risers.

Despite the slowdown in China, Asia Pacific growth was up to 1.9% year-over-year (from 1.4% in Q1 2015). China, where the service sector is still expanding, looked relatively stable, with little change in prime costs in most Chinese markets tracked.

1 Seattle (Downtown), U.S. 17.3 26 Lyon, France 6.0

2 Belfast, United Kingdom 15.2 27 Bangalore (CBD), India 5.8

3 Dublin, Ireland 13.0 28 Belgrade, Serbia 5.5

4 Stockholm, Sweden 12.1 29 Manila, Philippines 5.4

5 Manchester, United Kingdom 9.4 30 Dallas (Downtown), U.S. 5.3

6 Boston (Downtown), U.S. 9.3 31 New York (Midtown Manhattan), U.S. 5.3

7 Shanghai (Pudong), China 9.2 32 Hong Kong (West Kowloon), Hong Kong 5.3

8 Atlanta (Downtown), U.S. 9.1 33 Southampton, United Kingdom 5.0

9 San Francisco (Peninsula), U.S. 9.0 34 New York (Downtown Manhattan), U.S. 4.6

10 New Delhi (Gurgaon), India 9.0 35 Seattle (Suburban), U.S. 4.5

11 Tokyo (Marunouchi Otemachi), Japan 8.9 36 Birmingham, United Kingdom 4.5

12 Boston (Suburban), U.S. 8.8 37 Mexico City, Mexico 4.3

13 Helsinki, Finland 8.8 38 London - Central (City), United Kingdom 4.2

14 Washington, D.C. (Downtown), U.S. 8.1 39 Madrid, Spain 4.2

15 Atlanta (Suburban), U.S. 8.0 40 Chicago (Downtown), U.S. 3.8

16 Barcelona, Spain 8.0 41 Edinburgh, United Kingdom 3.8

17 Oslo, Norway 8.0 42 Denver (Downtown), U.S. 3.6

18 Liverpool, United Kingdom 7.9 43 Frankfurt am Main, Germany 3.5

19 Los Angeles (Downtown), U.S. 7.8 44 Glasgow, United Kingdom 3.4

20 Leeds, United Kingdom 7.4 45 Gothenburg, Sweden 3.4

21 Hong Kong (Central), Hong Kong 7.3 46 Dallas (Suburban), U.S. 3.3

22 Toronto (Downtown), Canada 6.8 47 Montreal (Downtown), Canada 3.3

23 Los Angeles (Suburban), U.S. 6.7 48 Panama City, Panama 3.1

24 London - Central (West End), United Kingdom 6.6 49 Paris Ile-de-France, France 3.1

25 Johannesburg, South Africa 6.5 50 Auckland, New Zealand 3.0

FIGURE 5: TOP 50 LARGEST ANNUAL INCREASESPrime office space occupancy costs in local currency and measure (ranked by 12-month % change increases as of Q3 2015)



Of the 77 markets with prime oc-cupancy cost growth, four saw increases of at least 10%: Seattle (Downtown), Belfast, Dublin and Stockholm. By contrast, of the 26 markets with decreases, only Mos-cow and Calgary (Downtown) were in double digits.

OUTLOOK: COSTS WILL KEEP CLIMBING With economic growth in the OECD likely to continue through 2016 and 2017, and development pipelines

in most major markets expected to remain relatively muted, we expect prime office occupancy costs will continue to increase between 2% and 3% per annum globally.

However, while our overall outlook indicates continued moderate cost in-flation, it should be noted that some

of the most expensive markets are vulnerable to the effects of a financial shock, in the unlikely event that one should one occur, and that individual markets are prone to increased levels of development, which would place downward pressure on costs.

1 Moscow, Russian Federation -23.9 14 Jakarta, Indonesia -4.3

2 Calgary (Downtown), Canada -14.4 15 Valencia, Spain -3.6

3 Perth, Australia -9.1 16 Denver (Suburban), U.S. -3.2

4 Vancouver (Suburban), Canada -7.9 17 Zurich, Switzerland -2.9

5 Ho Chi Minh City, Vietnam -7.7 18 Abu Dhabi, United Arab Emirates -2.4

6 Rio de Janeiro, Brazil -7.1 19 Bristol, United Kingdom -2.3

7 Singapore, Singapore -5.0 20 Mumbai (Bandra Kurla Complex), India -2.0

8 Houston (Suburban), U.S. -4.8 21 Budapest, Hungary -1.9

9 Santiago, Chile -4.8 22 Marseille, France -1.5

10 Warsaw, Poland -4.8 23 Chicago (Suburban), U.S. -0.9

11 São Paulo, Brazil -4.7 24 Montreal (Suburban), Canada -0.8

12 Hanoi, Vietnam -4.4 25 Aberdeen, United Kingdom -0.6

13 Calgary (Suburban), Canada -4.3

FIGURE 6: TOP 25 LARGEST ANNUAL DECREASESPrime office space occupancy costs in local currency and measure (ranked by 12-month % change decreases as of Q3 2015)


Prime office occupancy costs will continue to in-crease between 2% and 3% per annum globally.


Location Prime RentTotal Occupancy Cost

Local Currency/Measure*Total Occupancy Cost

US$*Total Occupancy Cost

Euro €* Terms

Local currency/measureCurrent per local

measure% change12 months

Current per local measure

% change12 months

Current per sq. ft./annum

% change12 months

Currentper sq. m./annum

% change12 months

Typical lease term (years)

Typical rent free (months)

Tenancy improvements (per local currency/

measure)

Adelaide, Australia AUD sq.m. p.a. 415.00 -0.6 525.00 -0.5 34.27 -20.1 330.43 -9.6 5 18 0

Auckland, New Zealand NZD sq.m. p.a. 515.00 4.6 665.50 3.0 39.56 -15.5 381.49 -4.3 9 4.5 0

Bangalore (CBD), India INR sq.ft. p.m. 138.00 6.2 195.95 5.8 35.85 -0.1 345.66 13.0 3+3 1 0

Bangkok, Thailand THB sq.m. p.m. 913.00 1.4 913.00 1.4 27.99 -9.5 269.93 2.4 3 1-2 0

Beijing (CBD), China RMB sq.m. p.m. 700.00 0.0 1,043 0.0 182.92 -3.4 1,764 9.3 2-3 0-1 0

Beijing (Finance Street), China RMB sq.m. p.m. 750.00 0.0 1,089 0.0 190.99 -3.4 1,842 9.3 2-3 0-1 0

Brisbane, Australia AUD sq.m. p.a. 680.00 0.0 805.00 0.0 52.54 -19.7 506.65 -9.2 5 21 0

Canberra, Australia AUD sq.m. p.a. 362.00 1.7 426.00 1.4 27.81 -18.6 268.12 -7.9 7.5 20.5 0

Guangzhou, China RMB sq.m. p.m. 225.00 0.0 403.13 0.0 70.71 -3.4 681.81 9.3 2-5 0.5-1 0

Hanoi, Vietnam US$ sq.m. p.m. 39.30 -4.4 43.23 -4.4 48.19 -4.4 482.97 12.4 3 3 0

Ho Chi Minh City, Vietnam US$ sq.m. p.m. 42.14 -8.8 54.13 -7.7 60.35 -7.7 604.75 8.6 2 3 0

Hong Kong (Central), Hong Kong HKD sq.ft. p.m. 153.95 7.6 173.98 7.3 269.31 7.5 2,598 21.7 3 or 6 1-4 0

Hong Kong (West Kowloon), Hong Kong HKD sq.ft. p.m. 89.74 4.7 104.68 5.3 162.04 5.5 1,563 19.4 3 or 6 1-4 0

Jakarta, Indonesia IDR sq.m. p.m. 700,059 -4.3 855,627 -4.3 65.11 -20.4 627.83 -9.9 3 1-2 0

Manila, Philippines PHP sq.m. p.m. 1,275 6.3 1,638 5.4 39.06 1.4 376.65 14.8 3-5 1-3 0

Melbourne, Australia AUD sq.m. p.a. 544.00 0.4 693.00 0.9 45.23 -19.0 436.16 -8.4 10 38.5 0

Mumbai (Bandra Kurla Complex), India INR sq.ft. p.m. 308.00 -1.6 516.18 -2.0 94.43 -7.5 911.00 4.7 3+2 1 0

Mumbai (Nariman Point - CBD), India INR sq.ft. p.m. 270.00 0.0 397.44 0.0 72.71 -5.7 701.11 6.8 3+2 1 0

New Delhi (Connaught Place - CBD), India INR sq.ft. p.m. 400.00 0.0 826.87 0.9 151.27 -4.8 1,459 7.7 3+3+3 1 0

New Delhi (Gurgaon), India INR sq.ft. p.m. 143.00 8.3 250.00 9.0 45.74 2.8 441.02 16.3 3+3+3 1-4 0

Perth, Australia AUD sq.m. p.a. 710.00 -10.8 863.00 -9.1 56.33 -27.0 543.16 -17.4 5 27 0

Seoul (CBD), South Korea KRW sq.m. p.m. 38,505 1.5 98,060 0.8 92.17 -10.1 888.78 1.7 3-5 3.5 0

Seoul (Yeouido), South Korea KRW sq.m. p.m. 31,535 -0.7 88,633 0.7 83.31 -10.3 803.33 1.5 3-5 3.5 500,000

Shanghai (Pudong), China RMB sq.m. p.m. 502.00 10.1 769.00 9.2 134.86 5.4 1,300 19.3 2-3 0-2 0

Shanghai (Puxi), China RMB sq.m. p.m. 395.42 0.0 617.49 0.7 108.31 -2.8 1,044 10.1 2-3 0-2 0

Shenzhen, China RMB sq.m. p.m. 330.00 0.0 514.29 0.0 90.21 -3.4 869.81 9.3 3-5 1-3 0

Singapore, Singapore SGD sq.ft. p.m. 11.40 -5.0 11.40 -5.0 96.22 -14.8 927.82 -3.6 3 2-3 0

Sydney, Australia AUD sq.m. p.a. 1,054 1.9 1,259 1.9 82.18 -18.2 792.00 -7.4 8.4 33.4 0

Taipei, Taiwan NTD ping. p.m. 3,350 1.5 6,225 2.2 63.66 -5.7 613.75 6.7 3-5 1-3 0

Tokyo (Marunouchi Otemachi), Japan JPY tsubo p.m. 49,000 8.9 52,920 8.9 149.04 -0.2 1,437 12.9 5 6 0

Wellington, New Zealand NZD sq.m. p.a. 386.00 0.0 528.00 0.0 36.85 -3.6 368.88 13.3 9 5 0

* Occupancy costs include service charges and taxes and are standardized on a net internal area basis.Source: CBRE Research, Q3 2015.

FIGURE 7: ASIA PACIFIC: PRIME OFFICE OCCUPANCY COSTS – Q3 2015


FIGURE 8: AMERICAS: PRIME OFFICE OCCUPANCY COSTS – Q3 2015

* Occupancy costs include service charges and taxes and are standardized on a net internal area basisSource: CBRE Research, Q3 2015.




Euro €* Terms




% change12 months


% change12 months


% change12 months




measure)

Atlanta (Downtown), U.S. US$ sq.ft. p.a. 33.31 9.1 38.31 9.1 38.31 9.1 368.15 22.7 5-10 3- 8 30-35

Atlanta (Suburban), U.S. US$ sq.ft. p.a. 28.19 8.0 32.42 8.0 32.42 8.0 311.56 21.5 5-10 5-10 20-30

Boston (Downtown), U.S. US$ sq.ft. p.a. 82.00 9.3 102.50 9.3 102.50 9.3 985.09 23.0 10 3-6 65-70

Boston (Suburban), U.S. US$ sq.ft. p.a. 37.00 8.8 44.40 8.8 44.40 8.8 426.71 22.4 5-7 1 40-50

Buenos Aires, Argentina US$ sq.m. p.m. 32.00 12.3 43.66 0.6 48.67 0.6 469.28 13.9 3-5 2-4 0

Calgary (Downtown), Canada CAD sq.ft. p.a. 29.31 -25.4 52.00 -14.4 38.81 -28.4 372.95 -19.5 5 2 50

Calgary (Suburban), Canada CAD sq.ft. p.a. 23.12 -5.3 38.81 -4.3 28.96 -20.0 278.35 -10.0 3 3 40

Chicago (Downtown), U.S. US$ sq.ft. p.a. 31.41 2.1 52.66 3.8 52.66 3.8 506.10 16.7 1-15 6-15 50-75

Chicago (Suburban), U.S. US$ sq.ft. p.a. 15.80 7.1 26.25 -0.9 26.25 -0.9 252.28 11.4 1-6 2-5 30-35

Dallas (Downtown), U.S. US$ sq.ft. p.a. 35.50 5.3 40.83 5.3 40.83 5.3 392.35 18.5 5-10 4-8 35-50

Dallas (Suburban), U.S. US$ sq.ft. p.a. 31.96 3.3 36.75 3.3 36.75 3.3 353.23 16.2 3-8 2-7 10-40

Denver (Downtown), U.S. US$ sq.ft. p.a. 43.00 3.6 43.00 3.6 43.00 3.6 413.26 16.6 5-10 3-5 44-55

Denver (Suburban), U.S. US$ sq.ft. p.a. 30.50 -3.2 30.50 -3.2 30.50 -3.2 293.12 8.9 5-10 3-6 32-40

Guadalajara, Mexico US$ sq.m. p.m. 25.00 0.0 35.05 0.0 39.08 0.0 376.83 13.2 3-5 2 400-500

Houston (Downtown), U.S. US$ sq.ft. p.a. 50.36 2.3 62.95 2.3 62.95 2.3 604.99 15.0 5-10 3-6 30-45

Houston (Suburban), U.S. US$ sq.ft. p.a. 41.40 -4.8 48.85 -4.8 48.85 -4.8 469.50 7.1 5-10 6-9 40-50

Lima, Peru US$ sq.m. p.m. 23.00 0.0 33.63 1.7 37.49 1.7 361.48 15.0 5 1-3 0

Los Angeles (Downtown), U.S. US$ sq.ft. p.a. 41.30 7.8 47.08 7.8 47.08 7.8 452.49 21.3 5-10 3-10 30-60

Los Angeles (Suburban), U.S. US$ sq.ft. p.a. 70.00 6.7 79.10 6.7 79.10 6.7 760.20 20.0 5-10 3-5 30-60

Mexico City, Mexico US$ sq.m. p.m. 41.90 4.8 58.46 4.3 65.18 4.3 628.45 18.1 3-5 3-4 530-600

Monterrey, Mexico US$ sq.m. p.m. 31.00 3.3 41.94 2.8 46.75 2.8 450.80 16.4 3-5 3 400-500

Montreal (Downtown), Canada CAD sq.ft. p.a. 23.45 3.2 44.68 3.3 33.34 -13.6 320.45 -2.8 7 3 27

Montreal (Suburban), Canada CAD sq.ft. p.a. 15.14 1.7 27.57 -0.8 20.57 -17.1 197.74 -6.7 3 3 25

New York (Downtown Manhattan), U.S. US$ sq.ft. p.a. 68.00 4.6 86.36 4.6 86.36 4.6 829.97 17.7 10 12 70

New York (Midtown Manhattan), U.S. US$ sq.ft. p.a. 100.00 5.3 127.00 5.3 127.00 5.3 1,221 18.4 10 10 70

Panama City, Panama US$ sq.m. p.m. 31.00 3.3 38.35 3.1 42.76 3.1 412.31 16.7 3-5 1-3 0

Rio de Janeiro, Brazil BRL sq.m. p.m. 170.00 -8.1 207.37 -7.1 58.07 -42.7 559.93 -35.2 5 5-10 0

San Francisco (Downtown), U.S. US$ sq.ft. p.a. 97.00 2.1 116.40 2.1 116.40 2.1 1,119 14.9 5-10 0-3 40-70

San Francisco (Peninsula), U.S. US$ sq.ft. p.a. 80.89 9.0 93.02 9.0 93.02 9.0 894.01 22.7 5-12 0-6 50-60

Santiago, Chile CLF sq.m. p.m. 0.64 -5.9 0.89 -4.8 49.98 -11.1 481.98 0.7 3-5 1-3 0

São Paulo, Brazil BRL sq.m. p.m. 150.00 -6.3 192.63 -4.7 53.94 -41.2 520.14 -33.5 5-10 6-12 0


FIGURE 8: AMERICAS: PRIME OFFICE OCCUPANCY COSTS – Q3 2015





Euro €* Terms




% change12 months


% change12 months


% change12 months




measure)

Seattle (Downtown), U.S. US$ sq.ft. p.a. 47.50 17.3 56.05 17.3 56.05 17.3 538.68 31.9 5-10 2.5-6 30-60

Seattle (Suburban), U.S. US$ sq.ft. p.a. 46.00 4.5 52.44 4.5 52.44 4.5 503.98 17.6 5-10 2.5-6 30-60

Toronto (Downtown), Canada CAD sq.ft. p.a. 36.88 14.5 67.56 6.8 50.42 -10.7 484.55 0.4 6 4 33

Toronto (Suburban), Canada CAD sq.ft. p.a. 17.30 1.5 31.99 0.7 23.87 -15.8 229.44 -5.3 5 3 40

Vancouver (Downtown), Canada CAD sq.ft. p.a. 34.39 0.1 55.38 0.0 41.33 -16.4 397.19 -6.0 5 6 23

Vancouver (Suburban), Canada CAD sq.ft. p.a. 22.04 -14.8 35.95 -7.9 26.83 -23.0 257.84 -13.4 6 3 25

Washington, D.C. (Downtown), U.S. US$ sq.ft. p.a. 78.94 8.1 94.73 8.1 94.73 8.1 910.40 21.6 8-12 10-12 70-110

Washington, D.C. (Suburban), U.S. US$ sq.ft. p.a. 39.54 0.8 47.45 0.8 47.45 0.8 456.00 13.4 5-8 5-10 40-80


FIGURE 9: EMEA: PRIME OFFICE OCCUPANCY COSTS – Q3 2015




Euro €* Terms




% change12 months


% change12 months


% change12 months




measure)

Aberdeen, United Kingdom GBP sq.ft. p.a. 32.00 0.0 45.00 -0.6 68.17 -7.1 657.33 5.2 15 9 3.25-3.50

Abu Dhabi, United Arab Emirates AED sq.m. p.a. 1,800 -2.7 2,050 -2.4 51.86 -2.4 500.01 10.5 1-4 1-2 0

Amsterdam, Netherlands EUR sq.m. p.a. 350.00 1.4 422.06 1.1 43.77 -10.6 422.06 1.1 5+5 15 or 30 0

Barcelona, Spain EUR sq.m. p.m. 19.50 9.9 26.40 8.0 32.86 -4.5 316.85 8.0 3+2 4-6 50-100

Belfast, United Kingdom GBP sq.ft. p.a. 16.00 14.3 26.50 15.2 40.15 7.7 387.10 21.9 5 6 0

Belgrade, Serbia EUR sq.m. p.m. 16.00 6.7 23.20 5.5 28.87 -6.8 278.40 5.5 5 2 0

Berlin, Germany EUR sq.m. p.m. 23.00 2.2 26.80 1.9 33.35 -10.0 321.60 1.9 5+5 1 50-400

Birmingham, United Kingdom GBP sq.ft. p.a. 30.00 5.3 46.00 4.5 69.69 -2.3 671.94 10.6 10 24 3.25-3.50

Bratislava, Slovakia EUR sq.m. p.m. 16.00 0.0 25.47 0.0 31.69 -11.6 305.60 0.0 5 2-8 80-250

Bristol, United Kingdom GBP sq.ft. p.a. 28.50 3.6 42.50 -2.3 64.38 -8.7 620.81 3.3 10 18 0

Brussels, Belgium EUR sq.m. p.a. 285.00 0.0 442.42 1.4 45.88 -10.4 442.42 1.4 3/6/9 1 year secured 24-47

Bucharest, Romania EUR sq.m. p.m. 18.50 2.8 23.95 2.1 29.81 -9.7 287.40 2.1 3-5 3-6 25-100

Budapest, Hungary EUR sq.m. p.m. 20.00 0.0 26.39 -1.9 32.84 -13.3 316.67 -1.9 5 5 0

Cape Town, South Africa ZAR sq.m. p.m. 150.00 0.0 176.00 0.0 14.19 -18.3 136.87 -7.5 3-5 1 1,750

Copenhagen, Denmark DKK sq.m. p.a. 1,700 3.0 2,535 2.4 35.25 -9.7 339.91 2.2 3-5 (tenant)/5-10 (landlord)

0-6 0

Dubai, United Arab Emirates AED sq.ft. p.a. 280.00 0.0 340.00 0.0 92.57 0.0 892.64 13.2 3 2 0

Dublin, Ireland EUR sq.m. p.a. 565.00 16.7 703.00 13.0 72.91 -0.1 703.00 13.0 10 6-9 403

Durban, South Africa ZAR sq.m. p.m. 135.00 0.0 159.00 2.6 12.82 -16.1 123.65 -5.1 3-5 3-6 500-600

Edinburgh, United Kingdom GBP sq.ft. p.a. 30.50 7.0 47.25 3.8 71.58 -3.0 690.20 9.8 10 18 0

Frankfurt am Main, Germany EUR sq.m. p.m. 39.50 3.9 47.85 3.5 59.55 -8.5 574.19 3.5 5+5 3-6 50-350

Geneva, Switzerland CHF sq.m. p.a. 900.00 0.0 965.00 0.0 91.78 -2.2 884.98 10.7 5 6 0

Glasgow, United Kingdom GBP sq.ft. p.a. 29.50 3.5 45.00 3.4 68.17 -3.3 657.33 9.4 10 24 0

Gothenburg, Sweden SEK sq.m. p.a. 2,800 3.7 3,389 3.4 37.55 -11.1 362.03 0.6 3 or 5 0-3 0

Hamburg, Germany EUR sq.m. p.m. 25.00 2.0 30.22 1.8 37.60 -10.0 362.58 1.8 5+5 5-6 50-350

Helsinki, Finland EUR sq.m. p.a. 444.00 8.8 493.33 8.8 51.11 -3.9 493.33 8.8 1-3 1-3 0-50

Istanbul, Turkey US$ sq.m. p.m. 45.00 0.0 73.17 0.0 81.58 0.0 786.60 13.2 3-5 1-2 0

Johannesburg, South Africa ZAR sq.m. p.m. 195.00 5.4 245.00 6.5 19.76 -12.9 190.52 -1.5 5-10 0 600

Leeds, United Kingdom GBP sq.ft. p.a. 26.50 3.9 43.50 7.4 65.90 0.4 635.42 13.6 10 18 0

Lille, France EUR sq.m. p.a. 220.00 0.0 301.08 0.0 31.22 -11.6 301.08 0.0 3/6/9 3/6 0

Lisbon, Portugal EUR sq.m. p.m. 18.50 0.0 24.73 0.0 30.77 -11.6 296.70 0.0 5 5 0

Liverpool, United Kingdom GBP sq.ft. p.a. 20.50 5.1 34.00 7.9 51.51 0.9 496.65 14.2 10 24 0



FIGURE 9: EMEA: PRIME OFFICE OCCUPANCY COSTS – Q3 2015





Euro €* Terms




% change12 months


% change12 months


% change12 months




measure)

London - Central (City), United Kingdom GBP sq.ft. p.a. 67.00 11.7 98.11 4.2 148.63 -2.6 1,433 10.2 10 21 3.25-3.50

London - Central (West End), United Kingdom GBP sq.ft. p.a. 117.50 9.3 179.92 6.6 272.56 -0.4 2,628 12.7 10 12-15 3.25-3.50

Lyon, France EUR sq.m. p.a. 280.00 7.7 378.49 6.0 39.25 -6.3 378.49 6.0 3-6-9 4.5-6 0

Madrid, Spain EUR sq.m. p.m. 26.00 5.1 36.76 4.2 45.75 -8.0 441.18 4.2 3+2 4 50-150

Malaga, Spain EUR sq.m. p.m. 12.00 0.0 17.06 0.0 21.21 -11.7 204.71 0.0 3+2 2 0

Manchester, United Kingdom GBP sq.ft. p.a. 33.00 10.0 49.50 9.4 74.99 2.2 723.07 15.7 10 24 0

Marseille, France EUR sq.m. p.a. 265.00 -1.9 354.84 -1.5 36.80 -13.0 354.84 -1.5 3-6-9 3-6 0

Milan, Italy EUR sq.m. p.a. 490.00 2.1 587.91 1.9 60.97 -9.9 587.91 1.9 6+6 8-12 0

Moscow, Russian Federation US$ sq.m. p.a. 880.00 -26.7 1,352 -23.9 125.64 -23.9 1,211 -13.9 3-5 6-12 600

Munich, Germany EUR sq.m. p.m. 33.50 1.5 41.21 1.9 51.29 -10.0 494.51 1.9 5+5 3-8 50-350

Oporto, Portugal EUR sq.m. p.m. 12.00 0.0 15.60 0.0 19.42 -11.6 187.25 0.0 3 1-3 0

Oslo, Norway NOK sq.m. p.a. 4,250 0.0 5,100 8.0 55.56 -18.6 535.74 -7.9 3-5 0-3 1,000-5,000

Palma de Mallorca, Spain EUR sq.m. p.m. 9.00 0.0 12.74 0.0 15.86 -11.6 152.89 0.0 5 1 0

Paris Ile-de-France, France EUR sq.m. p.a. 800.00 0.0 1,001 3.1 103.82 -8.9 1,001 3.1 3/6/9 7-17 0

Prague, Czech Republic EUR sq.m. p.m. 19.50 0.0 31.56 0.0 39.27 -11.6 378.67 0.0 5 5-10 180

Rome, Italy EUR sq.m. p.a. 380.00 0.0 461.54 0.0 47.87 -11.6 461.54 0.0 6+6 6 0

Rotterdam, Netherlands EUR sq.m. p.a. 225.00 0.0 288.08 0.0 29.88 -11.6 288.08 0.0 5+5 15 or 30 0

Sofia, Bulgaria EUR sq.m. p.m. 13.25 1.9 18.47 1.6 22.98 -10.3 221.59 1.6 3-5 1-3 50-200

Southampton, United Kingdom GBP sq.ft. p.a. 19.50 5.4 31.50 5.0 47.72 -1.9 460.13 11.0 10 18 0

Stockholm, Sweden SEK sq.m. p.a. 5,100 13.3 6,167 12.1 68.32 -3.6 658.78 9.1 3 or 5 0-3 0

Tel Aviv, Israel ILS sq.m. p.m. 105.00 0.0 188.75 0.7 53.62 -5.5 517.01 7.0 3-5 2-4 0

Valencia, Spain EUR sq.m. p.m. 10.00 -4.8 15.59 -3.6 19.4 -14.8 187.06 -3.6 2+4 2 0

Vienna, Austria EUR sq.m. p.m. 25.75 0.0 30.79 0.0 38.32 -11.6 369.47 0.0 5 3-4 100-150

Warsaw, Poland EUR sq.m. p.m. 24.00 -5.9 33.33 -4.8 41.48 -15.8 400.00 -4.8 3-5 6-9 150-250

Zurich, Switzerland CHF sq.m. p.a. 800.00 -3.0 840.00 -2.9 79.89 -5.0 770.35 7.5 5 2-5 70-300


TERMS AND DEFINITIONSThe Global Prime Office Occupancy Costs survey provides a semi-annual snapshot of occupancy costs for prime office space throughout the world. Since office occupancy lease rates and expenses can vary substan-tively, not only across world markets but also within the same market area, this data is meant to provide com-parative benchmarks only.

Comparative Office Occupancy CostsIn comparing international office cost quotations and leasing practices, the most common differences in report-ing are the units of measure and currency, and how occupancy-related costs are reflected in quoted prime rents. For example, in the U.S., office units are measured in sq. ft., while Japan uses the tsubo. Great Britain quotes office rents in pounds, while Thailand uses the baht. Also, in the U.S., rents are most often reported in “gross” terms that reflect virtually all costs of occupancy, while lease rates in many countries may be reported on a “net” basis and exclude such costs as management, property taxes and basic ongoing building maintenance.

Benchmarks For Measure, Currency and TermsTo facilitate comparisons across markets, Global Prime Office Occu-pancy Costs also reports local office occupancy costs in two common

currencies, U.S. dollars in sq. ft. and euros in sq. m. Changes over the past 12 months are also reported in local currency, U.S. dollars and euros.

Explanation of ColumnsPercentage Change: Documents the rate of change in local rents over the preceding 12 months. When ex-pressed in the local currency, they can vary dramatically from the euro- and U.S. dollar-adjusted changes reported under Total Occupancy Cost.

Prime Rent-Local Currency/Mea-sure: The rent quoted is the typical “achievable” rent for a 1,000-sq.-m. (10,000-sq.-ft.) unit in a top-quality (Class A) building in a prime location. Rents are expressed as headline rent, without accounting for any tenant incentives that may be necessary to achieve it.

Rents are stated in the local currency and prevailing unit of measure, as well as in those terms—gross or net—that are customarily employed in the respective market.

Office rents in Taiwan are quoted as “ping per month,” and in Japan as “tsubo per month.” The ping and tsubo are each approximately 36 sq. ft. Each is the traditional measure of area in its respective country, based on the equivalent measurement of two tatami mats.

Total Occupancy Cost: Local office costs are reported in local currency, euros and U.S. dollars on a per an-num basis. This number reflects all occupancy costs including service charges and taxes, and therefore corresponds to “gross” rents for all markets. All occupancy cost figures are standardized to a net internal area basis of measurement.

Typical Lease Term, Typical Rent Free Period and Typical Tenancy Improve-ments: Typical lease term refers to the usual duration of contracted leases for prime office space in each respective market. The rent free col-umn documents the time period, if any, for which no rent is collected for prime office space in the respective local market. Typically, the less “free rent” available, the stronger the mar-ket. Tenancy improvements refers to the typical allowance that a landlord may make towards any fit-out costs and is reported in local currency/measurement.

Regional and Global Percent ChangesAggregated changes in occupancy costs both at the global and regional level are based on a weighted average of the local currency change in the in-dividual cities. The weighting for each city is determined by the country GDP, which is divided among the cities in that country covered in the report ac-cording to the importance of each city as a commercial real estate market.


CBRE’s Global Prime Office Occupancy Cost survey measures and compares office occupancy costs in 126 markets across the world. The survey is performed semi-annually in the first and third quarter of the year and is a collaborative effort among CBRE Research professionals around the world led by Andrea Walker. We would like to acknowledge Cynthia Chan, Richard Holberton, Efram Ingberman, Carla Lopez, Dennis Schoenmaker and Roelof van Dijk for their contribu-tions to the report.

To learn more about CBRE Research, or to access additional research reports, please visit the Global Research Gateway at www.cbre.com/researchgateway.

Disclaimer: Information contained herein, including projections, has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to confirm independently its accuracy and completeness. This information is presented exclusively for use by CBRE clients and professionals and all rights to the material are reserved and cannot be reproduced without prior written permission of CBRE.

Nick Axford, Ph.D. Head of Research, Global +44 20 7182 2876 [email protected]

Richard Barkham, Ph.D. Chief Economist, Global +44 20 7182 [email protected]

Neil Blake, Ph.D. Head of Research, EMEA +44 20 7182 [email protected]@NeilBlake123

Henry Chin, Ph.D. Head of Research, Asia Pacific +852 2820 [email protected]@HenryChinPhD

Spencer Levy Head of Research, Americas +1 617 912 [email protected]@SpencerGLevy

Contacts

Cover Image: Shanghai (Pudong), China.


http://www.cbre.com/researchgateway

https://twitter.com/search?q=%40NeilBlake123&src=typd

https://twitter.com/HenryChinPhD

https://twitter.com/search?q=%40SpencerGLevy&src=typd