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Research, Q3 2019 Global Occupier Market Dashboard knightfrank.com/research knightfrank.com/research Key Market Indicators for Office Occupiers knightfrank.com/research
Research, Q3 2019
Global Occupier Market Dashboard
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Key Market Indicators for Office Occupiers
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ATLANTA BALTIMORE
BOSTON
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
JOHANNESBURG
CAPE TOWN
NAIROBI
WASHINGTON, DC
BRISBANE
MELBOURNE
PERTHSYDNEY
PHNOM PENHMANILA
BEIJING
GUANGZHOU
SHANGHAI
HONG KONG
BENGALURU
MUMBAI
NEW DELHIDOHA
MUSCAT
ABU DHABI
RIYADH
JEDDAH
JAKARTA
TOKYO
KUALA LUMPURSINGAPORE
SEOUL
TAIPEI
BANGKOK
PHILADELPHIA
ST LOUIS
SAN FRANSISCO
DUBAI
MANAMAKUWAIT
BUENOS AIRES
SAO PAULO
MEXICO CITY
WELLINGTON
AUCKLAND
HONG KONG
BRUSSELSWARSAW
MOSCOW
ZURICH
DUBLIN
LONDON (CITY & WEST END)
AMSTERDAM
BUCHAREST
MADRID
BARCELONA
BUDAPEST
VIENNA
PRAGUE
MILAN
GENEVA
PARIS
MUNICH
BERLIN
BRUSSELS
MARKET PENDULUM
LANDLORDBALANCED
TENANT
2021
LANDLORD
BALANCED
TENANT
2020
G L O B A L M A R K E T P E N D U L U M 2 0 1 9 - 2 0
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 3 2 0 1 9
E U R O P ECOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
N E T H E R L A N D S Amsterdam 50.00 58.00
S PA I N Barcelona 28.00 37.00
G E R M A N Y Berlin 46.00 53.00
B E LG I U M Brussels 33.00 40.00
R O M A N I A B u c h a r e s t 22.00 27.00
H U N G A RY B u d a p e s t 31.00 44.00
R E P U B L I C O F I R E L A N D Dublin 69.00 84.00
S W I T Z E R L A N D Geneva 65.00 70.00
S PA I N Madrid 38.00 44.00
I TA LY Milan 59.00 65.00
R U S S I A Moscow 74.00 85.00
G E R M A N Y Munich 47.00 51.00
F R A N C E Paris 87.00 98.00
C Z E C H R E P U B L I C Prague 28.00 39.00
A U S T R I A Vienna 32.00 39.00
P O L A N D Warsaw 31.00 43.00
S W I T Z E R L A N D Zurich 79.00 83.00
U N I T E D K I N G D O M London (City) 89.18 136.95
U N I T E D K I N G D O M London (West End) 138.39 216.56
A M E R I C A SCOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
A R G E N T I N A Buenos Aires 37.50 42.90
B R A Z I L Sao Paulo 27.53 40.80
M E X I C O Mexico City 47.50 62.23
U S A Atlanta 29.00 42.00
U S A Baltimore 16.63 30.63
U S A Boston 49.21 75.26
U S A Chicago (CBD) 32.27 54.43
U S A Dallas 35.27 48.77
U S A Denver 30.25 50.25
U S A Houston 33.72 51.03
U S A Los Angeles 30.01 46.80
U S A Minneapolis 19.66 35.27
U S A New York City (Manhattan) 120.90 160.90
U S A Northern New Jersey 22.65 33.65
U S A Orange County, California 23.90 38.15
U S A Philadelphia 3 0. 7 5 43.88
U S A Phoenix 25.49 35.89
U S A San Francisco 98.00 115.50
U S A Seattle 46.32 62.44
U S A Silicon Valley (South Bay) 72.72 93.12
U S A South Florida 46.75 62.75
U S A St. Louis 29.15 42.40
U S A Washington, DC 47.22 73.47
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 31 Oct 2019.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 21.09 31.51A U S T R A L I A Melbourne 32.45 42.81A U S T R A L I A Perth 22.54 33.65A U S T R A L I A Sydney 56.81 68.80C A M B O D I A Phnom Penh 26.34 34.42
C H I N A Beijing 56.13 82.95C H I N A Guangzhou 30.16 50.85C H I N A Shanghai 44.11 67.25
H O N G KO N G Hong Kong 230.36 234.91I N D I A Bengaluru 22.86 38.53I N D I A Mumbai 51.51 86.84I N D I A New Delhi 57.73 97.31
I N D O N E S I A Jakarta 27.50 34.36J A PA N Tokyo 84.42 118.65
M A L AY S I A Kuala Lumpur 16.98 20.00N E W Z E A L A N D Auckland 46.00 56.95N 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 23.55 27.34S I N G A P O R E Singapore 89.80 103.38
S O U T H KO R E A Seoul 31.44 77.11TA I WA N Taipei 27.57 46.02
T H A I L A N D Bangkok 41.14 45.68
M E N ACOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
B A H R A I N Manama 22.24 24.91K E N YA Nairobi 18.00 24.10O M A N Muscat 16.79 18.81Q ATA R Doha 35.70 49.48
S A U D I A R A B I A Jeddah 26.53 29.18S A U D I A R A B I A Riyadh 36.96 41.39S O U T H A F R I C A Cape Town CBD 13.88 23.69S O U T H A F R I C A Johannesburg Sandton 14.42 24.61
U A E Abu Dhabi 38.87 45.20U A E Dubai 61.32 71.67
K U WA I T Kuwait City 51.34 68.45
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 31 Oct 2019.Source: Knight Frank Research / NKF Research
Knight Frank Research provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs. Important Notice: © Knight Frank LLP 2019 This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
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Colin Fitzgerald
Partner EMEA
+44 20 7861 1203
Joey Vlasto
Partner, North America
+1 64 6441 3738
Research
Lee Elliott
Partner, Head of Global Occupier Research
+44 20 7861 5008
Occupier Services & Commercial Agency
William Beardmore-Gray
Partner, Global
+44 20 7861 1308
Tim Armstrong
Partner, APAC
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