The CBRE Office Rent Cycle for Q1 2012 indicates that rents are at a standstill for the vast majority of markets in response to occupier hesitance and weak quarterly demand prospects. In addition to weak demand-side influences, new supply in some markets has also started to impact rental rates.
According to the CBRE Global Office Rent Cycle depicted in the chart below, very few markets witnessed rental growth, and some - such as Singapore and Hong Kong - even experienced declining rental rates. Los Angeles and Sydney are in the midst of modest rent growth recoveries, while all five EMEA markets in the Global Rent Cycle were unchanged on the quarter. A select few markets were still increasing at a much slower pace, such as New York, with rents rising in Manhattan by 2.7%.
Source : CBRE