24.08.10
Europe closes in on global recovery market leaders Asia Pacific. The Europe, Middle East and Africa (EMEA) region has gained momentum in the office rental rebound in the past quarter, now closely trailing the Asia Pacific region, which leads the global recovery in this sector. According to the latest Global Office Rental Cycle report by CB Richard Ellis, which measures prime rents, take-up levels and vacancy rates across 17 global markets, almost half of the EMEA region’s markets are now experiencing rental growth or stability.
Paris, in particular, experienced a notable increase in office rents in Q2 2010. Prime rents rose by 3 per cent, and CB Richard Ellis expects further rises over the coming months. This has been triggered by improving demand and a shortage of good quality space in core areas where supply pipelines are starting to tighten.