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Many markets remain suspended in a cautious recovery as the global economy remains wrought with uncertainty.
Tenant demand is modest, measured (cost conscious) and broadly focused on prime space.
Some occupiers have begun to shift focus to decentralized areas (prevalent in Asia Pacific).
Prime space in markets such as LWE and São Paulo remains relatively scare, a dynamic which continues to uphold rental rates.
Most markets in the Americas are seeing rent growth strengthen.
Both Chicago and Los Angeles benefited from slight improvements in their employment prospects.
Rent declines in Singapore and Hong Kong persist, however performance amongst both markets was more positive than expected in Singapore and decentralized areas of Hong Kong.
Source : CBRE
