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Global Occupier Market Dashboard knightfrank.com/research knightfrank.com/research knightfrank.com/research Key Market Indicators for Office Occupiers, Q1 2021
Global Occupier Market Dashboard
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Key Market Indicators for Office Occupiers, Q1 2021
ATLANTA BALTIMORE
BOSTON
TORONTO CHICAGO (CBD)
DALLAS
DENVER
HOUSTON
LOS ANGELES
MINNEAPOLIS
NORTHERN NEW JERSEYNEW YORK CITY (MANHATTAN)
ORANGE COUNTY, CALIFORNIA
PHOENIX
SEATTLE
SILICON VALLEY (SOUTH BAY)
SOUTH FLORIDA
NAIROBI
KAMPALA
HARARE
LUSAKA
ACCRA LAGOS
CAIRO
GABORONEJOHANNESBURG
CAPE TOWN
WASHINGTON, DC
BRISBANE
MELBOURNE
PERTHSYDNEY
PHNOM PENHMANILA
BEIJING
GUANGZHOU
SHANGHAI
HONG KONG
MUMBAI
NEW DELHIDOHA
MUSCAT
ABU DHABI
RIYADH
JEDDAH
JAKARTA
TOKYO
KUALA LUMPUR
BENGALURU
SINGAPORE
SEOUL
TAIPEI
BANGKOK
PHILADELPHIA
ST LOUIS
SAN FRANSISCO
DUBAI
MANAMAKUWAIT
BUENOS AIRES
SAO PAULO
MEXICO CITY
RIO DE JAINERO
WELLINGTON
AUCKLAND
SHENZHEN
DAR ES SALAAM
HONG KONG
BRUSSELSWARSAW
MOSCOW
ZURICH
DUBLINAMSTERDAM
LONDON (CITY)
LONDON (WEST END)
BUCHAREST
MADRID
BARCELONA
BUDAPEST
VIENNA
PRAGUE
MILAN
GENEVA
PARIS
MUNICH
BERLIN
BRUSSELS
MARKET PENDULUM
LANDLORDBALANCED
TENANT
2022
LANDLORD
BALANCED
TENANT
2021
G L O B A L M A R K E T P E N D U L U M Q 1 2 0 2 1
G LO B A L O C C U P I E R M A R K E T D A S H B O A R D G LO B A L O C C U P I E R M A R K E T D A S H B O A R D G LO B A L O C C U P I E R M A R K E T D A S H B O A R D
2 3 4
G L O B A L O F F I C E C O S T S , Q 1 2 0 2 1
E U R O P ECOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
B E LG I U M Brussels 34.94 42.80
C Z E C H R E P U B L I C Prague 29.48 41.71
F R A N C E Paris 102.10 112.91
G E R M A N Y Berlin 52.41 57.65
G E R M A N Y M u n i c h 51.76 56.67
H U N G A RY B u d a p e s t 34.05 48.54
I TA LY Milan 65.52 71.30
N E T H E R L A N D S Amsterdam 51.87 58.96
P O L A N D Warsaw 32.76 39.58
R E P U B L I C O F I R E L A N D Dublin 67.59 83.97
R O M A N I A Bucharest 23.59 28.17
R U S S I A Moscow 73.86 85.13
S PA I N Barcelona 36.69 46.30
S PA I N Madrid 42.59 48.92
S W I T Z E R L A N D Geneva 72.70 77.36
S W I T Z E R L A N D Zurich 87.67 92.83
U N I T E D K I N G D O M City of London 96.49 131.74
U N I T E D K I N G D O M London, West End 151.62 216.62
A M E R I C A SCOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
U N I T E D S TAT E S Atlanta 32.00 45.00
U N I T E D S TAT E S Baltimore 19.46 32.46
U N I T E D S TAT E S Boston 48.88 74.93
U N I T E D S TAT E S Chicago (CBD) 41.24 64.06
U N I T E D S TAT E S Dallas 35.80 50.02
U N I T E D S TAT E S Denver 39.81 65.00
U N I T E D S TAT E S Houston 35.07 53.30
U N I T E D S TAT E S Los Angeles 35.17 51.96
U N I T E D S TAT E S Minneapolis 20.12 35.69
U N I T E D S TAT E S New York City (Manhattan) 128.93 168.93
U N I T E D S TAT E S Northern New Jersey 23.04 34.04
U N I T E D S TAT E S Orange County, California 31.06 44.76
U N I T E D S TAT E S Philadelphia 35.15 47.33
U N I T E D S TAT E S Phoenix 26.66 37.67
U N I T E D S TAT E S San Francisco 95.00 116.50
U N I T E D S TAT E S Seattle 4 7. 3 2 64.15
U N I T E D S TAT E S Silicon Valley (South Bay) 86.82 111.48
U N I T E D S TAT E S South Florida 47.50 64.00
U N I T E D S TAT E S St. Louis 31.27 44.54
U N I T E D S TAT E S Washington, DC 39.76 69.76
M E X I C O Mexico City 32.88 43.07
A R G E N T I N A Buenos Aires 26.86 31.32
B R A Z I L Sao Paulo 21.39 28.45
B R A Z I L Rio De Janerio 15.67 23.70
C A N A DA Toronto 27.54 47.85
¹ Occupancy costs include service charges and taxes. In US markets, these are referred to as gross rents. * Property tax rates vary under California’s Proposition 13. Conversion to USD based on rates as at 31st March 2021. Note that Australian rent and occupancy cost data is now quoted on a headline rather than net effective basis. India rents and occupancy costs are calculated on a built-up area basis and not on a carpet area basis.Source: Knight Frank Research / NKF Research
G LO B A L O C C U P I E R M A R K E T D A S H B O A R D
5
A PA CCOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
A U S T R A L I A Brisbane 42.82 55.28 A U S T R A L I A Melbourne 50.70 62.59 A U S T R A L I A Perth 44.17 56.85 A U S T R A L I A Sydney 85.14 99.25 C A M B O D I A Phnom Peh 29.72 38.13
C H I N A Beijing 55.77 83.67 C H I N A Guangzhou 31.55 53.49 C H I N A Shanghai 43.16 66.95 C H I N A Shenzhen 34.66 59.77
H O N G KO N G , S A R Hong Kong 174.89 188.09 I N D I A Bengaluru 20.41 27.61 I N D I A Mumbai 47.25 54.20 I N D I A New Delhi 55.31 61.88
I N D O N E S I A Jakarta 24.22 30.88 J A PA N Tokyo 96.13 126.22
M A L AY S I A Kuala Lumpur 16.94 20.71 N E W Z E A L A N D Auckland 43.00 53.95 N E W Z E A L A N D Wellington 32.65 43.90
P H I L I P P I N E S Manila 26.44 30.52 S I N G A P O R E Singapore 91.34 106.41
S O U T H KO R E A Seoul 36.73 87.51 TA I WA N Taipei 34.29 52.04
T H A I L A N D Bangkok 42.18 47.29
¹ Occupancy costs include service charges and taxes. In US markets, these are referred to as gross rents. * Property tax rates vary under California’s Proposition 13. Conversion to USD based on rates as at 31st March 2021. Note that Australian rent and occupancy cost data is now quoted on a headline rather than net effective basis. India rents and occupancy costs are calculated on a built-up area basis and not on a carpet area basis.Source: Knight Frank Research / NKF Research
M E ACOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
B A H R A I N Manama 19.27 21.59 B OT S WA N A Gaborone 13.34 15.39
E GY P T Cairo 32.36 36.82 G H A N A Accra 27.34 31.44 K E N YA Nairobi 13.44 22.90
K U WA I T Kuwait City 47.67 64.79 N I G E R I A Lagos 69.70 94.96
O M A N Muscat 16.51 18.49 Q ATA R Doha 31.58 45.36
S A U D I A R A B I A Jeddah 24.97 27.47 S A U D I A R A B I A Riyadh 36.29 40.65 S O U T H A F R I C A Cape Town CBD 17.04 18.93 S O U T H A F R I C A Johannesburg Sandton 16.92 18.77
TA N Z A N I A Dar es Salaam 15.00 22.97 U A E Abu Dhabi 41.52 47.84 U A E Dubai 55.94 66.29
U G A N DA Kampala 17.00 24.60 Z A M B I A Lusaka 20.04 23.40
Z I M B A B W E Harare 7.81 10.04
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Knight Frank Research Reports are available atknightfrank.com/research
Colin FitzgeraldPartner EMEA+44 20 7861 [email protected]
Joey Vlasto Partner, North America +1 64 6441 3738 [email protected]
Research
Dr Lee Elliott Partner, Head of Global Occupier Research +44 20 7861 5008 [email protected]
William Beardmore-GrayPartner, Global+44 20 7861 [email protected]
Tim ArmstrongPartner, APAC+65 6429 [email protected]
Occupier Services & Commercial Agency
