A Cushman & Wakefield Research Publication
                                                                                                 ACROSS THE WORLD

A Cushman & Wakefield Research Publication

INTRODUCTION                                                             CONTENTS
Welcome to the Cushman & Wakefield global                                Global Summary & Outlook           2
Office Space Across the World publication for
2014. This report was prepared by the Cushman
& Wakefield Research team to provide an analysis
of the global office market during 2013, as well
as discuss the industry’s main trends for the year
ahead. The primary focus of this report is prime
office rental performances and occupancy costs
across the globe, including a ranking of the most                        Most Expensive Locations           4
expensive locations across the world in which
to occupy office space. The report also provides                         Americas Overview                  6
a more in-depth rental and occupier overview
for each region, concluding with a detailed list
of market data pertaining to each office location.
The information and data provided in this report are based on a
comprehensive survey of Cushman & Wakefield’s international
offices, and the editors are extremely grateful to them for their
time, effort and assistance.

The Cushman & Wakefield Research Group provides a strategic              Asia Pacific Overview              7
advisory and supporting role to our clients. Consultancy projects
are undertaken on a local and international basis, providing in-depth
advice and analysis, detailed market appraisals and location and
investment strategies. For more information on what Research
can do for you, please visit the Contacts page of this report
(page 15). To gain access to all of Cushman & Wakefield’s research
and publications globally, please visit the Research & Insight section
of our global website:
                                                                         EMEA Overview                      8

                                                                         Market Metrics                    10
                                                                         Technical Specifications          14
                                                                         Contacts                          15


A Cushman & Wakefield Research Publication


Global office rents moved up by 3% in 2013,                                        THE MOST EXPENSIVE GLOBAL MARKETS
which is the third consecutive year of a similar                                   The most expensive office market globally was London (West
rental performance. While all three regions overall                                End), which retained its position ahead of Hong Kong in second
witnessed a relatively slow pace of rental growth                                  place. Prime rents in London continued to move up during 2013,
                                                                                   bolstered by strong occupier demand and a declining supply of
over the year, certain areas – such as Africa and                                  high-quality space. With rents largely unchanged in Hong Kong
the Middle East – saw a more buoyant rental                                        over the year, the gap in total occupancy costs between London
market, with prime rents up by as much as 10%                                      and Hong Kong has, in fact, widened.
in certain locations.                                                              New Delhi’s Connaught Place fell from fourth position to eighth
                                                                                   despite prime rents being unchanged in 2013. This was primarily
    RENTAL PERFORMANCE IN THE YEAR TO DEC 2013                                     the result of an appreciation in both the US Dollar and Euro
                                                                                   against the Indian Rupee in 2013, causing a shift in New Delhi’s
                                                                                   position in terms of global occupancy costs. Similarly, exchange
                                                                                   rate fluctuations with the Japanese Yen caused Tokyo to fall
                                                                                   behind other comparable markets like Beijing in the overall

          46%                       25%                        28%                 ranking – despite prime rents in both cities remaining largely
                                                                                   unchanged over the year.

      % of countries showing    % of countries showing    % of countries showing
           rental growth              stable rents             rental declines

                               Average Rental Change 3%

                                                                                                                                                                                                                                            ACROSS THE WORLD

A Cushman & Wakefield Research Publication

                                                                                                                                                              ASIA PACIFIC: SLOW BUT STEADY
                                                                                                                                                              Rental growth was largely flat across Asia Pacific over the year,
                        900                                                                                                  50
                                                                                                                                                              with an overall regional rental rise of just 2% in 2013. Economic
                        750                                                                                                                                   conditions were more fragile in the first half of the year, although

                                                                                                                                  % Rental Growth per Year
                                                                                                                                                              growth in core markets of China and Japan advanced as the year
 Rent (EUR/sq.m/year)

                                                                                                                             30                               progressed. However, the region is well represented in terms of
                        450                                                                                                  25                               the most expensive office locations on a global scale. Hong Kong
                                                                                                                             20                               retained its position in second place overall, Beijing came in fourth
                                                                                                                                                              position and Tokyo in fifth. Asia Pacific’s performance in 2014 is
                        150                                                                                                                                   anticipated to be similar to that seen in 2013, with slow and stable
                          0                                                                                                  0
                                                                                                                                                              demand anticipated to keep rental levels largely unchanged, albeit
                                                 La Lucia/
                                                                               Bangkok Singapore Dublin Cape Town New York
                                                                                CBD       CBD     Int’l Fin. CBD Downtown
                                                                                                                                                              with incentives becoming more competitive.
                                                  Berea                                         Svcs. Centre

                                                             RENT                  RENTAL GROWTH
                                                                                                                                                               RENTAL PERFORMANCE IN THE 5 YEARS TO DEC 2013

OCCUPIER TRENDS                                                                                                                                                                           15

The global occupier market in 2013 was again characterised by                                                                                                                             10
                                                                                                                                                               % Rental Change per Year

caution, as tenants across the globe remained concerned                                                                                                                                    5

regarding occupancy costs. Indeed, while some tenants were                                                                                                                                 0
looking to upgrade to more efficient, cost-effective office space,
many still sought to consolidate their existing operations. Over
the year, occupiers retained a focus on well located, high quality
space, and demand for this type of accommodation was steadily                                                                                                                             -15

rising by the end of 2013. As a result, the options open to                                                                                                                               -20
occupiers tightened, and almost half of the locations analysed                                                                                                                                  2009      2010        2011         2012          2013

within the report witnessed prime rents increase over the year,                                                                                                                                        GLOBAL    AMERICAS    ASIA PACIFIC     EMEA
albeit marginally in most cases.

AMERICAS: A MIXED BAG                                                                                                                                         EUROPE: FROM MARKET TO MARKET
Coming out of the double-digit expansion seen in 2012, prime                                                                                                  In Europe, a lack of high quality space characterised a number of
rental growth in the Americas region was much more subdued,                                                                                                   markets, including London and Frankfurt, and with demand in
with an overall regional rise of just 1%. Rental performance in                                                                                               these cities advancing over the year, prime rents were put under
South America in 2013 was slow, with muted growth in the key                                                                                                  upward pressure. Therefore, although the overall regional picture
markets of Argentina and Brazil. Ongoing economic uncertainty in                                                                                              was relatively muted over the year, there were notable differences
both of these markets caused occupier demand to ease and prime                                                                                                from market to market. Looking ahead, the rental trend seen in
rents to fall over the year. Although both Ecuador and Colombia                                                                                               2013 will continue in to next year, with rents in the large majority
saw burgeoning demand over the year, it was not enough to offset                                                                                              expected to see modest growth, with locations such as London
the rental declines in these larger markets. In the year ahead,                                                                                               and Dublin experiencing more significant rental growth for good
South America is likely to face more uncertainty, with economic                                                                                               quality space.
concerns affecting business confidence in a number of locations,
although a steady rise in stability across the region will be seen as
North America expands.                                                                                                                                       “Prime rents in London continued to move
In the USA, demand levels improved in 2013 as the economy                                                                                                      up during 2013, bolstered by strong
recovered quicker than expected. Over the year, the USA saw                                                                                                    occupier demand and a declining supply
strong leasing activity, with business confidence improving as the
                                                                                                                                                               of high-quality space.”
year progressed. However, rental performances were mixed
across the country, with New York (Downtown) and Boston
outperforming other markets. The outlook for 2014 is for the
USA to continue to see rental levels expand and thus drive the
overall regional growth in the year ahead.


A Cushman & Wakefield Research Publication


2014 2013                       LOCATION                         OCCUPANCY COST PER SQ. M. PER YEAR            RENT
RANK RANK                                                                                                      ADDITIONAL COSTS

                                                €0        €500   €1,000               €1,500          €2,000             €2,500

                                London, UK
     1   1
                                  West End       €2,122
                     Hong Kong, Hong Kong
     2   2                        Central        €1,432
                            Moscow, Russia
     3   6                           CBD         €1,092
                              Beijing, China
     4   7                             CBD       €1,027
                             Tokyo, Japan
     5   5          CBD (5 Central Wards)        €1,003
                          New York, USA
     6   8       Midtown (Madison/5th Av.)       €993
                       Rio de Janeiro, Brazil
     7   3                         Zona Sul      €991
                           New Delhi, India
     8   4                 Connaught Place       €959
                               Paris, France
     9   10                             CBD      €895
                           Sydney, Australia
    10   9                            CBD        €844
                       Singapore, Singapore
    11   14                            CBD       €803
               Luxembourg, Luxembourg City
    12   13
                                     CBD         €777
                             Oslo, Norway
    13   11
                                     CBD         €756
                                Dubai, UAE
    14   21
                                     DIFC        €734
                       Geneva, Switzerland
    15   12
                                     CBD         €718
                        Almaty, Kazakhstan
    16   15
                                     CBD         €661
                               Doha, Qatar
    17   n/a
                                     CBD         €659
                        Stockholm, Sweden
    18   16
                                     CBD         €593
                            Istanbul, Turkey
    19   17
                              CBD (Levent)       €572
                                 Milan, Italy
    20   18                         Centre       €556
                          Munich, Germany
    21   19                          CBD         €540
                             Taipei, Taiwan
    22   25
                  CBD (Xinyi Planned Area)       €536
                   Amsterdam, Netherlands
    23   22
                                   Zuidas        €506
                           Beirut, Lebanon
    24   24
                                      CBD        €505
                           Dublin, Ireland
    25   31
                        CBD (2/4 Districts)      €485
                          Jakarta, Indonesia
    26   26
                                       CBD       €469
                             Tel Aviv, Israel
    27   27
                                        CBD      €457
                         Vancouver, Canada
    28   29
                                      CBD        €442
                  Ho Chi Minh City, Vietnam
    29   23
                                       CBD       €441
                              Madrid, Spain
    30   30
                                      CBD        €439
                         Seoul, South Korea
    31   34
                                       CBD       €434
                           Helsinki, Finland
    32   32                            CBD       €432
                            Tbilisi, Georgia
    33   n/a                           CBD       €427
                        Caracas, Venezuela
    34   28                          CBD         €427

                                                                                                       ACROSS THE WORLD

A Cushman & Wakefield Research Publication


2014 2013                 LOCATION                       OCCUPANCY COST PER SQ. M. PER YEAR            RENT
RANK RANK                                                                                              ADDITIONAL COSTS

                                          €0      €500   €1,000               €1,500          €2,000             €2,500

                   Bogotá, Colombia
  35   20
                              Nogal        €426
              Auckland, New Zealand
  36   36                     CBD          €406
                      Warsaw, Poland
  37   33                      CBD         €395
                    Brussels, Belgium
  38   35           Quartier Leopold       €393
                        Kyiv, Ukraine
  39   37                       CBD        €373
                      Athens, Greece
  40   39            Syntagma Square       €358
              Copenhagen, Denmark
  41   44            Harbour Area          €345
               Kuala Lumpur, Malaysia
  42   38                      CBD         €343
                  Budapest, Hungary
  43   40                     CBD          €343
                      Vienna, Austria
  44   43                    Central       €342
                  Bucharest, Romania
  45   42                      CBD         €339
              Buenos Aires, Argentina
  46   47
                            Catalinas      €331
              Prague, Czech Republic
  47   41
                               CBD         €318
                 Mexico City, Mexico
  48   45
                               CBD         €306
                     Lisbon, Portugal
  49   48
                     Av. de Liberdade      €298
                       Santiago, Chile
  50   46
                          Las Condes       €289
                   Bangkok, Thailand
  51   52
                               CBD         €258
                   Bratislava, Slovakia
  52   50
                                  CBD      €257
                     Belgrade, Serbia
  53   57
                                CBD        €242
                     Vilnius, Lithuania
  54   54                         CBD      €238
                   Manila, Philippines
  55   49                       Makati     €235
                           Lima, Peru
  56   55
                                CBD        €234
                     Manama, Bahrain
  57   51
                    Financial Harbour      €231
                           Riga, Latvia
  58   60
                                  CBD      €227
                   Ljubljana, Slovenia
  59   53
                                 CBD       €227
                        Sofia, Bulgaria
  60   61
                                  CBD      €223
             Skopje, FYRO Macedonia
  61   n/a
                              CBD          €222
                       Tallinn, Estonia
  62   58
                                  CBD      €221
                      Zagreb, Croatia
  63   56
                                CBD        €207
                      Quito, Ecuador
  64   62
                                CBD        €179
                      Amman, Jordan
  65   59
                               CBD         €179
                     Limassol, Cyprus
  66   n/a                      CBD        €179
                Sandton, South Africa
  67   63                       CBD        €150


A Cushman & Wakefield Research Publication

AMERICAS                                                                                                                                                         NORTH AMERICA HOLDING FIRM
                                                                                                                                                                 In 2013, many office markets in the USA witnessed robust demand as
                                                                                                                                                                 the economy started to improve at a rate stronger than previously
                                                                                                                                                                 expected, although performances were not uniform across the
                                                                                                                                                                 entire country – for example, New York and Boston both
                                                                                                                                                                 experienced double-digit rental growth over the year in certain key
                                                                                                                                                                 submarkets, far outperforming many of the other markets within the
                                                                                                                                                                 country. Boston’s advancement was underpinned by strong activity
                                                                                                                                                                 particularly from the financial and professional services sector,
                                                                                                                                                                 which pushed down vacancy and, subsequently, saw rents accelerate
                                                                                                                                                                 by 16% in 2013. In New York, steady interest from the technology,
                                                                                                                                                                 legal, advertising, media and health care sectors helped to sustain the
                                                                                                                                                                 CBD submarkets. New completions and demand from these active
                                                                                                                                                                 industries helped to push prime rents up by 17% in the Downtown
                                                                                                                                                                 submarket over the year.

Although rental performance across the Americas                                                                                                                   CITIES WITH LARGEST RENTAL GROWTH: AMERICAS
barely changed in 2013, there was a notable
                                                                                                                                                                                           75                                                                                                     30
polarisation in performances between North and
South America. Regional rental growth was fuelled                                                                                                                                         62.5                                                                                                    25

                                                                                                                                                                                                                                                                                                       % Rental Growth per Year
                                                                                                                                                                  Rent (USD/sq.ft/year)

by increases in both the USA and Mexico, where                                                                                                                                             50                                                                                                     20

prime rents moved up by 4% and 6%, respectively.                                                                                                                                          37.5                                                                                                    15

Most South American locations, however, saw                                                                                                                                                25                                                                                                     10

prime rents decline in 2013, with Colombia, and                                                                                                                                           12.5                                                                                                    5
2013’s frontrunner – Brazil, experiencing the
                                                                                                                                                                                            0                                                                                                     0
largest year-over-year declines. Consequently, this                                                                                                                                              Quito New York Bogota
                                                                                                                                                                                                 CBD Downtown Nogai
                                                                                                                                                                                                                          Boston Mexico City San
                                                                                                                                                                                                                         Back Bay  CBD      Francisco
                                                                                                                                                                                                                                                                           Brasilia Los Angeles
                                                                                                                                                                                                                                                                            CBD        West
                                                                                                                                                                                                                                             NOMA              District

divergence between the two regions gave way for                                                                                                                                                                                             Financial

                                                                                                                                                                                                                          RENT                    RENTAL GROWTH
New York City (Madison/5th Avenue) to retake
the title of the most expensive market in the                                                                                                                    In Mexico the market was healthy over the year as both supply and
Americas region, pushing last year’s number one,                                                                                                                 demand remained largely consistent, and this steady demand for
                                                                                                                                                                 high-quality space helped to push support a 5% rise in rental rates
Rio de Janeiro (Zona Sul), into second place.                                                                                                                    in Mexico City. Canada as a whole was slightly more subdued than
                                                                                                                                                                 its other North American markets, with rents holding up in the
    MOST EXPENSIVE LOCATIONS: AMERICAS                                                                                                                           majority of the key cities in 2013.

                                                                                                                                                                 BRAZIL EASES BACK
    Total Occupancy Cost (USD/sq.ft/year)

                                                                                                                                                                 The Brazilian economy, the principal driver within South America,
                                                                                                                                                                 was weaker than anticipated in 2013, which had a subsequent
                                                                                                                                                                 dampening on both business confidence and occupier demand.
                                             60                                                                                                                  Furthermore, cities such as Bogotá and Buenos Aires saw supply
                                                                                                                                                                 outstrip demand over the year, resulting in prime rents easing in 2013.
                                                                                                                                                                 In Rio de Janeiro (Zona Sul) prime rents fell by 7% over the year as
                                              0                                                                                                                  occupiers continued to be cautious from the continued economic
                                                  New York    Rio de    Sao Paulo Washington Boston San Francisco New York   Miami      Brasilia   Los Angeles
                                                  Midtown     Janeiro
                                                             Zona Sul
                                                                        Faria Lima East End  Back Bay NOMA Downtown
                                                                                                                                         CBD          West       uncertainty, as well as the impending election in the latter half of
                                                                                                                                                                 2014. However, the anticipation of the forthcoming World Cup
                                                                         NORTH AMERICA                       SOUTH AMERICA
                                                                                                                                                                 and Olympic games over the next few years has brought a surge of
                                                                                                                                                                 infrastructure developments to the city, many of which are already
                                                                                                                                                                 underway, and it is hoped that these improvements will boost
                                                                                                                                                                 Rio’s attractiveness to international occupiers in the longer term.

                                                                                                                                                                                                         ACROSS THE WORLD

 A Cushman & Wakefield Research Publication

                                                                          MOST EXPENSIVE LOCATIONS: ASIA PACIFIC
“Half of the surveyed countries in the                                                                           195
 Americas region witnessed prime rents

                                                                         Total Occupancy Cost (USD/sq.ft/year)
  rise in 2013.”

 THE YEAR AHEAD                                                                                                   97.5

 Looking ahead into 2014, with the foundation for stronger                                                         65

 conditions in 2014 set in place, it is anticipated that the USA will
 continue to propel the region in terms of a buoyant economic
 growth. This should in turn have a positive effect on occupier                                                     0
                                                                                                                         Hong Kong   Beijing      Tokyo    New Delhi   Shanghai    Sydney   Singapore Mumbai    Brisbane   Shenzhen
 demand and consequently help retain the upwards pressure on                                                              Central    Central       CBD
                                                                                                                                                (5 Central
                                                                                                                                                                                    CBD        CBD Bandra Kurla Centre
 prime rents. In South America, the burgeoning markets of
                                                                                                                                               NORTH ASIA & INDIA                       SOUTH ASIA & PACIFIC
 Colombia, Chile and Peru are anticipated to sustain any growth for
 the area. However, the outlook for Brazil – one of the key markets
 for the region is uncertain, with factors such as high inflation and   HONG KONG KEEPS ITS REGIONAL CROWN
 an upcoming election becoming possible obstacles to future             Hong Kong was the second most expensive market globally and
 growth. As a result, business confidence and occupier demand           was also the most expensive location in Asia Pacific, followed by
 are both expected to suffer from this and remain subdued, which        Beijing and Tokyo in second and third for the region, respectively.
 could see further falls in prime rents over the course of the year.    Occupier demand levels were muted in Hong Kong, with activity
                                                                        from larger occupiers in particular easing noticeably over the year.
                                                                        However, going forward, Hong Kong’s position as one of the most
 ASIA PACIFIC                                                           important global financial centres is anticipated to help buoy
                                                                        demand levels into 2014. Prime rents in Hong Kong are expected to
                                                                        remain largely stable with relatively few completions anticipated.

                                                                        NORTH ASIA & INDIA: SLOWING RENTAL GROWTH
                                                                        In Beijing, prime rents eased marginally over the year, albeit figures
                                                                        starting at a very high base in early 2013. Indeed, the high rents
                                                                        within the CBD have caused many occupiers to rationalise their
                                                                        space as a way to cut down on costs. As China’s GDP growth
                                                                        remains steady, the continued development of the tertiary sector
                                                                        within Beijing has maintained momentum. However, at the current
                                                                        time there are concerns of future oversupply, leading many
                                                                        developers to review their development pipeline carefully.
                                                                        With occupier demand still relatively robust, prime rents are
                                                                        anticipated to be fairly flat in 2014.
 Rental performance throughout Asia Pacific in 2013                     Rental performance across India has been mixed, with the major
 largely followed the subdued pattern seen in 2012,                     markets remaining stable whilst others witnessed minor corrections.
 with prime rents moving up by 2%. Despite easing in                    New Delhi’s CBD (Connaught Place) has remained the most
                                                                        expensive location across the country in 2013 due to its strong
 the first half of the year, the economic climate
                                                                        rental levels holding firm. With the domestic economy regaining
 across the region improved as the year progressed,                     some momentum towards the end of the year, occupier demand
 with China and Japan expanding. However, these                         moved up significantly in the final quarter of the year, helping to
 positive performances were not enough to sustain                       push prime rents upwards in select cities that have low vacancies.
 regional growth, and consequently, many occupiers
 were notably cautious over the majority of the year.


A Cushman & Wakefield Research Publication

The prime office market in Tokyo saw rental declines earlier in                                                                                                       WHAT’S IN STORE
2013; however, levels quickly bounced back to previous figures as
                                                                                                                                                                      A slow performance has become the new norm for Asia Pacific;
the economy saw conditions gradually regain momentum.
                                                                                                                                                                      however, with regional GDP growth still hovering around 5.0-5.5%,
Business confidence increased over the year, and consequently
                                                                                                                                                                      Asia Pacific is still ahead of the other regions as seen in 2013.
many occupiers have become less cautious. With demand picking
                                                                                                                                                                      For 2014, a similar trajectory is anticipated, with slow but steady
up, prime space in some building is becoming scarce, and therefore
                                                                                                                                                                      conditions akin to the previous year supporting occupier demand
a rise in prime rents may occur over the next year.
                                                                                                                                                                      across the region. The key economies of China, Japan and markets
                                                                                                                                                                      in Southeast Asia are anticipated to drive the region forward, with
BURGEONING MARKETS                                                                                                                                                    office market demand in particular gaining momentum over the year.
The Metro Manila office market was generally positive throughout
2013, primarily driven by the continued development of the
Business Process Outsourcing (BPO) sector. Rents continued
to climb due to strong absorption figures, especially in the CBD
markets of Makati and Bonifacio Global City, while vacancy
remained low despite the growth of office supply. Corporate
occupiers continue to expand across major hubs, taking advantage
of the talented pool and the lower wages of office workers in
emerging cities.

                            120                                                                                                       25

                                                                                                                                           % Rental Growth per Year
    Rent (USD/sq.ft/year)

                                                                                                                                                                      After five years of financial and economic
                                                                                                                                                                      uncertainty within Europe, the region finally began
                                  Jakarta   Bangkok Singapore   Manila       Taipei Shenzhen    Seoul   Shanghai Auckland   Kolkata
                                                                                                                                      0                               to see some stability return to the market as 2013
                                   CBD       CBD       CBD      Makati        CBD
                                                                         Planned Area)
                                                                                       Futian   CBD      Lujiazui
                                                                                                                  CBD        CBD
                                                                                                                                                                      progressed, albeit with notable differences between
                                                                RENT                     RENTAL GROWTH                                                                markets. However, this improvement in economic
                                                                                                                                                                      conditions arrived too late to drive much growth
The most notable rental growth over the year was seen in both                                                                                                         in prime offices rents, with an overall regional
Indonesia and Thailand, where prime rents rose by 20% in both                                                                                                         uplift of just 3%. Nevertheless, this is the highest
Jakarta and Bangkok, respectively. In Indonesia, the improving
domestic economy in 2013 translated into sturdy occupier
                                                                                                                                                                      regional rise seen since 2008, before the depths
demand and thus expanding take-up levels in Jakarta. In Thailand,                                                                                                     of the economic downturn.
limited supply and steady demand characterised the market in
Bangkok and subsequently resulted in prime rents increasing over                                                                                                      LONDON LEADS THE WAY...
the year. However, the 2014 outlook for Thailand is more volatile
                                                                                                                                                                      Although the overall regional rental growth was minimal, EMEA
due to the ongoing political uncertainty in the country. If political
                                                                                                                                                                      still managed to possess the most expensive office market in the
indecision is prolonged, some occupiers will take longer to
                                                                                                                                                                      world for 2013, as London (West End) retained its title for the
conclude transactions or may start to look at alternative locations.
                                                                                                                                                                      second consecutive year. The West End submarket is characterised
                                                                                                                                                                      by strong demand amid a dwindling supply of modern space.
                                                                                                                                                                      Indeed, with leasing activity building momentum over the year,
                                                                                                                                                                      these conditions bolstered a 5% rise in prime office rents in 2013.
                                                                                                                                                                      Rounding out the EMEA ranking, Moscow CBD followed London
                                                                                                                                                                      (West End) in second place, with Paris CBD in third.

                                                                                                                                                                                                                                                        ACROSS THE WORLD

A Cushman & Wakefield Research Publication

Key European cities such as London and Frankfurt saw prime rents
                                                                                                                                               CITIES WITH LARGEST RENTAL GROWTH: EMEA
appreciate in 2013, and this helped Western Europe outperform
Central and Eastern Europe (CEE) for the first time since 2010.                                                                                                       700                                                                                                  50
Rents in CEE moved up by just 0.2% in 2013 whereas Western                                                                                                            600
Europe moved ahead by just over 2%. Furthermore, Dublin has                                                                                                                                                                                                                40

                                                                                                                                                                                                                                                                                % Rental Growth per Year
                                                                                                                                               Rent (EUR/sq.m/Year)
rebounded strongly in 2013, and a combination of solid demand
against a shortage of prime space has seen rents move up                                                                                                              400

significantly, most notably in the IFS Centre submarket, where an                                                                                                     300
annual rise of 19% was the highest in Europe.                                                                                                                         200
...BUT GROWTH SURGES IN MIDDLE EAST & AFRICA                                                                                                                            0                                                                                                  0

The most significant rental expansion within the EMEA region was                                                                                                            Sandton
                                                                                                                                                                                               Durban     Dublin
                                                                                                                                                                                               La Lucia Int’l Fin.
                                                                                                                                                                                                /Berea Svcs. Centre CBD
                                                                                                                                                                                                                                     Dublin Johannesburg Cape Luxembourg
                                                                                                                                                                                                                                  2/4 Districts CBD      Town

seen in the Middle East and Africa which witnessed rents increase
                                                                                                                                                                                                         COST                 RENTAL GROWTH
by 14%. Both Qatar and Dubai saw business confidence pick-up
through the year, resulting in increased office market activity as
well as supporting prime rental growth of 10% and 5%, respectively.                                                                           GOING FORWARD
However, it was South Africa that experienced the highest rental
                                                                                                                                              Looking ahead for the region, the overall lack of high quality space
growth in the EMEA region in 2013, with prime rents accelerating
                                                                                                                                              is expected to push many occupiers towards moving sooner
by almost 30%. The South African market saw a notable increase
                                                                                                                                              rather than later, as they look to secure deals on the limited supply
in the amount of large transactions over the year in the midst of a
                                                                                                                                              of quality space that is available. With the development pipeline
particularly active occupational market.
                                                                                                                                              anticipated to continue at low levels until the latter part of 2014,
                                                                                                                                              prime rents are likely to remain under pressure. Overall it will still
 MOST EXPENSIVE LOCATIONS: EMEA                                                                                                               be a mixed picture across Europe on a market-by-market basis in
                                                                                                                                              terms of rental performance, but growth across the region is
                                                                                                                                              expected to be slow but steady as confidence gradually returns.
 Total Occupancy Cost (EUR/sq.ft.year)


                                                                                                                                               ANNUAL SUB-REGIONAL RENTAL GROWTH



                                                 West End

                                                                     WESTERN EUROPE


                                                                                                                                                                                1%                                                 13%
                                                                                                                                                                                      Europe                                Middle East & Africa
While demand is strengthening in a number of European markets,
occupiers have remained cost conscious over the year, and
consequently space rationalisation and consolidations have
continued to drive a large component of regional market activity.
However, there has been a divergence between prime and
secondary space, with occupiers showing an increasing preference
for good quality space rather than secondary. As a result, it has
primarily been those locations that are experiencing a shortage of
prime space that have seen rents rise over the year.


A Cushman & Wakefield Research Publication

 COUNTRY            CITY                          MEASURING   RENT QUOTED IN    RENT     ANNUAL       NET INTERNAL AREA       RENTAL
                                                  STANDARD                                RENTAL                               TREND
                                                                                        GROWTH      RENT USD/     RENT EUR/      2014
                                                                                              (%)    SQ.FT/YR   SQ.M/YR NIA

 Argentina          Buenos Aires, Puetro Madero   NIA         USD/sq.m/mth      26.50         -5       29.54        230.77
 Argentina          Buenos Aires, Catalinas       NIA         USD/sq.m/mth      30.00          0       33.45        261.25
 Brazil             Sao Paulo, Faria Lima         NIA         BRL/sq.m/mth     161.68        -23       76.40        596.79
 Brazil             Rio de Janeiro, Zona Sul      NIA         BRL/sq.m/mth     254.36          -7     120.19        938.89
 Brazil             Brasilia, CBD                 NIA         BRL/sq.m/mth     107.18          3       50.65        395.62
 Canada             Toronto, CBD                  GIA         CAD/sq.ft/year    25.97          1       27.86        217.66
 Canada             Montreal, CBD                 GIA         CAD/sq.ft/year    20.21         -4       21.68        169.38
 Canada             Calgary, CBD                  GIA         CAD/sq.ft/year    33.87          1       36.34        283.87
 Canada             Vancouver, CBD                GIA         CAD/sq.ft/year    34.11          -1      36.30        285.88
 Canada             Ottawa, CBD                   GIA         CAD/sq.ft/year    25.57         -4       27.44        214.31
 Colombia           Bogota, Nogal                 NIA         USD/sq.m/mth      39.88         16       44.46        347.29
 Colombia           Bogota, Andino                NIA         USD/sq.m/mth      39.36         -6       43.88        342.76
 Chile              Santiago, Las Condes          NIA         USD/sq.m/mth      28.78          -1      32.08        250.62
 Ecuador            Quito, CBD                    NIA         USD/sq.m/mth      17.26         23       19.24        150.30
 Mexico             Mexico City, CBD              NIA         USD/sq.m/mth      31.18          6       34.76        271.52
 Peru               Lima, CBD                     NIA         USD/sq.m/mth      22.60          5       25.20        196.81
 United States      Atlanta, Midtown              GIA         USD/sq.ft/year    29.39         -4       32.33        252.53
 United States      Boston, Back Bay              GIA         USD/sq.ft/year    59.51         16       71.41        557.82
 United States      Chicago, West Loop            GIA         USD/sq.ft/year    39.26         -4       49.08        383.34
 United States      Houston, CBD                  GIA         USD/sq.ft/year    38.49          0       46.19        360.79
 United States      Los Angeles, West             GIA         USD/sq.ft/year    49.68          2       57.13        446.27
 United States      Miami, Brickell Avenue        GIA         USD/sq.ft/year    43.80          1       65.26        509.78
 United States      New York, Downtown            GIA         USD/sq.ft/year    53.79         17       68.31        533.61
 United States      New York, Midtown             GIA         USD/sq.ft/year   100.07          -1     127.09        992.72
                    (Madison/5th Avenue)
 United States      Philadelphia, West of Broad   GIA         USD/sq.ft/year    27.30          1       31.94        249.50
 United States      San Francisco,                GIA         USD/sq.ft/year    58.50          5       70.20        548.35
                    NOMA Financial District
 United States      Seattle, Financial District   GIA         USD/sq.ft/year    35.22          4       40.50        316.38
 United States      Washington, East End          GIA         USD/sq.ft/year    64.62          1       76.25        595.62
 Venezuela          Caracas, CBD                  GIA         USD/sqm/month     46.00          0       51.28        400.58

                                                                                                                        ACROSS THE WORLD

A Cushman & Wakefield Research Publication

 COUNTRY            CITY                          MEASURING   RENT QUOTED IN       RENT     ANNUAL       NET INTERNAL AREA       RENTAL
                                                  STANDARD                                   RENTAL                               TREND
                                                                                           GROWTH      RENT USD/     RENT EUR/      2014
                                                                                                 (%)    SQ.FT/YR   SQ.M/YR NIA

 Australia          Sydney , CBD                  NIA         AUD/sq.m/year     1,300.00          3      108.05        844.05
 Australia          Melbourne, CBD                NIA         AUD/sq.m/year      800.00           0       66.49         519.41
 Australia          Brisbane, Centre              NIA         AUD/sq.m/year      870.00           1       72.31        564.86
 China              Beijing, CBD                  NIA         CNY/sq.m/mth       665.00          -3      122.46        956.61
 China              Shanghai, Lujiazui (Pudong)   NIA         CNY/sq.m/mth        579.63          5      106.74        833.80
 China              Guangzhou, Pearl River        NIA         CNY/sq.m/mth        245.23        -10       45.16        352.76
                    New City
 China              Chengdu, CBD                  NIA         CNY/sq.m/mth        161.10        -11       29.67        231.74
 China              Shenzhen, Futian              NIA         CNY/sq.m/mth        329.00          9       60.59        473.27
 Hong Kong          Hong Kong, Central            NIA         HKD/sq.ft/mth       103.39         -1      160.01       1,249.92
 India              Mumbai, Bandra Kurla          GEA         INR/sq.ft/mth       285.12          0       82.42        643.81
 India              Mumbai, CBD                   GEA         INR/sq.ft/mth       275.10          0       62.44        487.78
 India              New Delhi, Connaught Place    GEA         INR/sq.ft/mth       414.39          0      114.96        898.03
 India              Bengaluru, CBD                GEA         INR/sq.ft/mth        85.47         -3       23.69        185.04
 India              Chennai, CBD                  GEA         INR/sq.ft/mth        75.50          0       19.53        152.56
 India              Hyderabad, Suburban           GEA         INR/sq.ft/mth        41.19          2        9.99         78.03
                    (Madhapur, Gachibowli)
 India              Pune, CBD                     GEA         INR/sq.ft/mth        80.01         -4       20.70        161.67
 India              Kolkata, CBD                  GEA         INR/sq.ft/mth       133.27          4       38.52        300.93
 Indonesia          Jakarta, CBD                  GIA         USD/sq.m/mth         47.26         20       60.06        469.17
 Japan              Tokyo, CBD                    NIA         JPY/tsubo/mth    40,000.00          0      128.34      1,002.56
                    (5 Central Wards)
 South Korea        Seoul, CBD                    GIA         KRW/sq.m/mth     32,299.00          6       40.26        314.50
 South Korea        Seoul, Gangnam                GIA         KRW/sq.m/mth     26,933.00         -1       33.57        262.25
 South Korea        Seoul, Yeouido                GIA         KRW/sq.m/mth     21,149.00         -5       26.36        205.93
 Malaysia           Kuala Lumpur, CBD             NIA         MYR/sq.ft/mth        12.00          0       43.96        343.41
 New Zealand        Auckland, CBD                 NIA         NZD/sq.m/mth         45.00          5       41.29        322.54
 Philippines        Manila, Makati                NIA         PHP/sq.m/mth      1,006.00         12       25.27        197.39
 Philippines        Manila, Ortigas               NIA         PHP/sq.m/mth       650.00           0       16.33        127.54
 Singapore          Singapore, CBD                NIA         SGP/sq.ft/mth        10.82         19      102.84        803.30
 Taiwan             Taipei, CBD                   GEA         TWD/ping/mth      5,698.00         10       64.47        503.65
                    (Xinyi Planned Area)
 Thailand           Bangkok, CBD                  GIA         THB/sq.m/mth       900.00          20       32.98        257.60
 Vietnam            Ho Chi Minh City, CBD         NIA         USD/sq.m/mth         45.70         -7       50.95        397.97
 Vietnam            Hanoi, CBD                    NIA         USD/sq.m/mth         37.60         -6       41.92        327.43


A Cushman & Wakefield Research Publication

 COUNTRY            CITY                              MEASURING   RENT QUOTED IN      RENT     ANNUAL       NET INTERNAL AREA       RENTAL
                                                      STANDARD                                  RENTAL                               TREND
                                                                                              GROWTH      RENT USD/     RENT EUR/      2014
                                                                                                    (%)    SQ.FT/YR   SQ.M/YR NIA

 Austria            Vienna, Central                   NIA         EUR/sq.m/mth       25.00           2       38.41        300.00
 Austria            Innsbruck, CBD                    NIA         EUR/sq.m/mth        11.00          0       16.90        132.00
 Belgium            Brussels, Quartier Leopold        GEA         EUR/sq.m/year     275.00          -4       40.49        316.25
 Belgium            Antwerp, Centre                   GEA         EUR/sq.m/year     145.00           0       21.35        166.75
 Bulgaria           Sofia, CBD                        GEA         EUR/sq.m/mth       12.50           0       22.08        172.50
 Croatia            Zagreb, CBD                       NIA         EUR/sq.m/mth        14.50         -6       22.28        174.00
 Cyprus             Nicosia, CBD                      GEA         EUR/sq.m/mth        14.00         -7       18.28        142.80
 Cyprus             Limassol, CBD                     GEA         EUR/sq.m/mth        14.00        -13       18.28        142.80
 Czech Republic     Prague, CBD                       GIA         EUR/sq.m/mth       20.25          -4       33.60        262.44
 Czech Republic     Brno, CBD                         GIA         EUR/sq.m/mth       12.00           4       19.91        155.52
 Denmark            Copenhagen, Harbour Area          GEA         DKK/sq.m/year    1,800.00          0       34.59        270.23
 Denmark            Aarhus, CBD                       GEA         DKK/sq.m/year    1,200.00          0       23.06        180.15
 Estonia            Tallinn, CBD                      GIA         EUR/sq.m/mth        13.00          8       22.97        179.40
 Finland            Helsinki, CBD                     NIA         EUR/sq.m/mth       32.00           0       49.16        384.00
 France             Paris, CBD                        NIA         EUR/sq.m/year     800.00          -2      102.41        800.00
 France             Paris, La Defense                 NIA         EUR/sq.m/year     530.00          -4       67.85        530.00
 France             Lyon, CBD                         NIA         EUR/sq.m/year     260.00           0       33.28        260.00
 France             Marseille, CBD                    NIA         EUR/sq.m/year     240.00           0       30.72        240.00
 FYRO Macedonia     Skopje, CBD                       GIA         EUR/sq.m/mth        13.50          0       23.23        181.44
 Georgia            Tbilisi, CBD                      NIA         USD/sq.m/mth       40.00           0       44.59        348.33
 Germany            Berlin, CBD                       NIA         EUR/sq.m/mth       22.00           0       33.80        264.00
 Germany            Frankfurt, CBD                    NIA         EUR/sq.m/mth        37.00          9       56.84        444.00
 Germany            Hamburg, CBD                      NIA         EUR/sq.m/mth       24.00           0       36.87        288.00
 Germany            Munich, CBD                       GIA         EUR/sq.m/mth       32.00           2       57.83        451.76
 Germany            Dusseldorf, CBD                   NIA         EUR/sq.m/mth        27.50         10       42.25        330.00
 Greece             Athens, Syntagma Square           GEA         EUR/sq.m/mth       22.00           0       39.88        311.52
 Hungary            Budapest, CBD                     GIA         EUR/sq.m/mth        21.00          0       35.49        277.20
 Ireland            Dublin, 2/4 Districts             NIA         EUR/sq.m/year     355.00          16       45.45        355.00
 Ireland            Dublin, Int’l Fin. Svcs. Centre   NIA         EUR/sq.m/year      231.00         19       29.57        231.00
 Ireland            Cork, Lapps Quay                  NIA         EUR/sq.m/year      200.00          5       25.60        200.00
 Italy              Rome, Centre                      GEA         EUR/sq.m/year      425.00         -6       58.76        459.00
 Italy              Milan, Centre                     GEA         EUR/sq.m/year      475.00         -5       65.67        513.00
 Kazakhstan         Almaty, CBD                       GIA         USD/sq.m/mth        60.00          9       76.92        600.87
 Latvia             Riga, CBD                         GIA         EUR/sq.m/mth        14.00         17       22.58        176.40
 Lithuania          Vilnius, CBD                      GIA         EUR/sq.m/mth        14.50          4       24.50        191.40
 Luxembourg         Luxembourg City, CBD              GEA         EUR/sq.m/mth        45.00         13       85.72        669.60
 Netherlands        Amsterdam, Zuidas                 GIA         EUR/sq.m/year     365.00           1       54.97        429.41
 Netherlands        Rotterdam, CBD                    GIA         EUR/sq.m/year     180.00           0        27.11        211.76
 Norway             Oslo, CBD                         GEA         NOK/sq.m/year    4,500.00          6       85.45        667.47
 Norway             Bergen, CBD                       GEA         NOK/sq.m/year    2,250.00          2       42.72        333.74
 Poland             Warsaw, CBD                       GIA         EUR/sq.m/mth       25.00          -6       41.48        324.00
 Poland             Krakow, CBD                       GIA         EUR/sq.m/mth        15.00          0       24.89        194.40

                                                                                                                         ACROSS THE WORLD

A Cushman & Wakefield Research Publication

 COUNTRY                CITY                        MEASURING   RENT QUOTED IN      RENT     ANNUAL       NET INTERNAL AREA       RENTAL
                                                    STANDARD                                  RENTAL                               TREND
                                                                                            GROWTH      RENT USD/     RENT EUR/      2014
                                                                                                  (%)    SQ.FT/YR   SQ.M/YR NIA

 Poland                 Wroclaw, CBD                GIA         EUR/sq.m/mth        15.50          0       25.72        200.88
 Portugal               Lisbon, Av de Liberdade     GIA         EUR/sq.m/mth        18.50          0       31.26        244.20
 Portugal               Porto, CBD                  GIA         EUR/sq.m/mth        13.50          0       22.81        178.20
 Romania                Bucharest, CBD              GIA         EUR/sq.m/mth        19.00          0       34.34        268.24
 Romania                Timisoara, CBD              GIA         EUR/sq.m/mth        12.00          4       21.69        169.41
 Russia                 Moscow, CBD                 GIA         USD/sq.m/year    1,200.00          0      127.09        992.74
 Russia                 St.Petersburg, CBD          GIA         USD/sq.m/year     440.00          -8       46.60        364.01
 Serbia                 Belgrade, CBD               GIA         EUR/sq.m/mth        15.00          0       25.81        201.60
 Slovakia               Bratislava, CBD             GIA         EUR/sq.m/mth        15.00         -3       24.89        194.40
 Slovenia               Ljubljana, CBD              GIA         EUR/sq.m/mth        11.00        -15       19.94        155.76
 Spain                  Madrid, CBD                 GEA         EUR/sq.m/year     294.00           0       45.16        352.80
 Spain                  Barcelona, CBD              GEA         EUR/sq.m/year      213.00         -1       32.72        255.60
 Sweden                 Stockholm, CBD              NIA         SEK/sq.m/year    4,650.00          1       67.26        525.42
 Sweden                 Gothenburg, CBD             NIA         SEK/sq.m/year    2,450.00          0       35.44        276.84
 Switzerland            Zurich, CBD                 NIA         CHF/sq.m/year     760.00           0       79.39        620.16
 Switzerland            Geneva, CBD                 NIA         CHF/sq.m/year     800.00           0       83.56        652.79
 Turkey                 Istanbul, European side     GEA         USD/sq.m/year     528.00           0       60.83        475.12
 Turkey                 Ankara, CBD                 GEA         USD/sq.m/year     276.00           0       31.80        248.36
 Ukraine                Kyiv, CBD                   GIA         USD/sq.m/year     430.00           0       47.14        368.21
 United Kingdom         London, West End            NIA         GBP/sq.ft/year     110.00          5      182.18       1,423.11
 United Kingdom         London, City                NIA         GBP/sq.ft/year      57.50          5       95.23        743.90
 United Kingdom         Manchester, CBD             NIA         GBP/sq.ft/year     30.00           5       49.69        388.12
 United Kingdom         Birmingham, CBD             NIA         GBP/sq.ft/year      27.50          0       45.54        355.78
 United Kingdom         Belfast, CBD                NIA         GBP/sq.ft/year      13.00          4       21.53        168.19
 United Kingdom         Edinburgh, CBD              NIA         GBP/sq.ft/year      29.00          7       48.03        375.18
 United Kingdom         Glasgow, CBD                NIA         GBP/sq.ft/year     28.00           4       46.37        362.25
 United Kingdom         St.Peter Port, CBD          NIA         GBP/sq.ft/year     45.00           6       74.53        582.18
 Bahrain                Manama, Financial Harbour   NIA         BHD/sq.m/mth         8.00          0       23.66        184.79
 Israel                 Tel Aviv, CBD               GEA         NIS/sq.m/mth        97.00          1       41.44        323.68
 Israel                 Tel Aviv (Ramat Hahayal)    GEA         NIS/sq.m/mth       73.00           6       31.18        243.59
 Jordan                 Amman, CBD                  GEA         USD/sq.m/year      170.00        -11       19.58        152.98
 Lebanon                Beirut, CBD                 GEA         USD/sq.m/year     450.00           0       51.64        403.40
 Qatar                  Doha, CBD                   NIA         QAR/sq.m/mth      230.00          10       70.41        550.04
 South Africa           Durban, CBD                 NIA         ZAR/sq.m/mth        70.00         40        7.45         58.20
 South Africa           Durban, La Lucia/Berea      NIA         ZAR/sq.m/mth      135.00          35       14.37        112.25
 South Africa           Cape Town, CBD              NIA         ZAR/sq.m/mth      100.00          18       10.64         83.15
 South Africa           Cape Town, Bellville        NIA         ZAR/sq.m/mth       85.00          13        9.05         70.67
 South Africa           Johannesburg, CBD           NIA         ZAR/sq.m/mth       75.00          15        7.98         62.36
 South Africa           Sandton, CBD                NIA         ZAR/sq.m/mth      180.00          44       19.16        149.66
 United Arab Emirates   Abu Dhabi, CBD              NIA         AED/sq.m/year    2,000.00          0       50.59        395.16
 United Arab Emirates   Dubai, DIFC                 NIA         AED/sq.ft/year    285.00          10       77.59        606.12


A Cushman & Wakefield Research Publication

 COUNTRY                      LOCAL CURRENCY            US DOLLAR                 EURO                COUNTRY                LOCAL CURRENCY   US DOLLAR         EURO

 Australia                    Dollar (AUD)                   0.8946             0.6493                New Zealand            Dollar (NZD)        0.8230       0.5973
 Bahrain                      Dinar (BHD)                    2.6525              1.9249               Norway                 Kroner (NOK)        0.1648        0.1196
 Brazil                       Real (BRL)                     0.4239             0.3076                Philippines            Peso (PHP)          0.0225       0.0164
 Canada                       Dollar (CAD)                   0.9412             0.6830                Singapore              Dollar (SGD)        0.7920       0.5748
 China                        Renminbi (CNY)                 0.1652              0.1199               South Korea            Won (KRW)           0.0009       0.0007
 Denmark                      Krone (DKK)                    0.1847              0.1340               South Africa           Rand (ZAR)          0.0955       0.0693
 Eurozone                     Euro (EUR)                     1.3780             1.0000                Sweden                 Krona (SEK)         0.1557        0.1130
 Hong Kong                    Dollar (HKD)                   0.1290             0.0936                Switzerland            Franc (CHF)         1.1244       0.8160
 India                        Rupee (INR)                    0.0162              0.0117               Taiwan                 Dollar (TWD)        0.0336       0.0244
 Indonesia                    Rupiah (IDR)              0.0000822           0.0000595                 Thailand               Baht (THB)          0.0304       0.0221
 Israel                       Shekel (ILS)                   0.2881             0.2091                United Arab Emirates   Dirham (AED)        0.2723       0.1976
 Japan                        Yen (JPY)                      0.0095             0.0069                United Kingdom         Pound (GBP)         1.6562       1.2019
 Malaysia                     Ringgit (MYR)                  0.3053              0.2216               United States          Dollar (USD)        1.0000       0.7257

 Source: Financial Times, 31st December 2013. All currencies to four decimal places unless stated.

DEFINITIONS                                                                                          REPORT INFORMATION
For each location a standard definition of a prime unit is                                           This report was written by Barrie David and Erin Can of the
employed to endeavor to make the results as comparable as                                            European Research Group, London. Further information
possible given varying local practices. Rents are often quoted                                       and copies of this report are available from Erin Can of the
on different measurements bases, and for this reason we have                                         European Research Group, London.
standardized the office rents used in this guide by adjusting the
rent to a net internal area basis. Some countries quote their                                        Telephone: +44 207 152 5206
rents inclusive, and some exclusive, of service charges and                                          Email:
property taxes. With this in mind, in order to make a more
detailed comparison across the regions the total occupancy                                           Gain access to all of Cushman &Wakefield’s research and
costs were used. CBD office figures relate to new prime centre,                                      publications globally by visiting our website. Covering global,
high specification units of a standard size commensurate with                                        regional and local markets, our Research & Insight page
demand in each location.                                                                             combines real business insight with emerging trends and
                                                                                                     market data. Visit now to download business briefings and
The Net Internal Areas figures have been calculated by                                               special reports, and open the doors to powerful insights aimed
standardizing the floorspace measurements on which the                                               at improving your productivity, profitability and competitive
quoted rent is based. There are various efficiency rates that are                                    position. For industry-lead intelligence to support your real
relevant to different countries, and we have used a standard for                                     estate and business decisions, go to Cushman & Wakefield’s
each country (unless stated). Cushman & Wakefield Asia quote                                         Research and Insight at
all rents on a net usable area and quote effective rents, which
takes into account rent-free periods or capital contributions
where appropriate, although security deposits are not included.
These rents have not been adjusted. Direct Class A rents are
quoted in all US locations. Rents have been expressed in USD
per square foot per year and EUR per square meter per year,
converted using exchange rates as at December of the relevant
year. Rental growth figures are quoted in local currency unless
otherwise indicated. Total occupancy costs take into account
service charges and local taxes to allow direct comparison
between countries.

                                                                                                                                  ACROSS THE WORLD

A Cushman & Wakefield Research Publication


THE AMERICAS                                      ASIA PACIFIC                                         EMEA
James M. Underhill                                Richard Middleton                                    James Young
CEO                                               Executive Managing Director                          Head of EMEA Offices
The Americas                                      Corporate Occupier & Investor Services               Tel: +44 207 152 5113
Tel: +1 202 471 3600                              Asia Pacific                                         Email:
Email:                 Tel: +85 2 2956 7075


THE AMERICAS                                      ASIA PACIFIC                                         EMEA
Maria T. Sicola                                   Sigrid Zialcita                                      Barrie David
Executive Managing Director                       Managing Director                                    Senior Research Consultant
Americas Research                                 Asia Pacific Research                                EMEA Research
Tel: +1 415 773 3542                              Tel: +65 6232 0875                                   Tel: +44 207 152 5937
Email:                  Email:               Email:

This report has been prepared by Cushman & Wakefield and its alliance partners globally. The information was collected and analysed
by the European Research Group from the Cushman & Wakefield network, with particular thanks to the following offices:

AUSTRIA           Inter-pool Immobilien GmbH      GREECE                               Proprius SA     NEW ZEALAND           Bayleys Realty Group Ltd.
BAHRAIN                           Cluttons LLP    IRELAND                                Lisney LLP    NORWAY            Eiendomshuset Malling & Co.
BULGARIA                                Forton    ISRAEL        Inter Israel Real Estate Consultants   QATAR                             Cluttons LLP
CHANNEL ISLANDS        Buckley & Company Ltd.     JORDAN                 Michael Dunn & Co S.A.L       ROMANIA                 Activ Property Services
DENMARK               RED – Property Advisers     KAZAKHSTAN                         Veritas Brown     SLOVENIA                         S-Invest d.o.o.
ESTONIA         Ober-Haus Real Estate Advisers    LATVIA          Ober-Haus Real Estate Advisers       SOUTH AFRICA       ProAfrica Property Services
FINLAND                     Tuloskiinteistot Oy   LEBANON                Michael Dunn & Co S.A.L       SWITZERLAND                       SPG Intercity
FYRO MACEDONIA                          Forton    LITHUANIA       Ober-Haus Real Estate Advisers       THAILAND       Nexus Property Consultants Ltd.
GEORGIA                         Veritas Brown     MALAYSIA                  YY Property Solutions      UNITED ARAB EMIRATES              Cluttons LLP

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