Most Asia-Pacific markets are recovering from the previous economic slowdown with a particularly strong bounce seen in Hong Kong. And American markets are also recovering after bottoming out in 2003 with Washington, DC, improving most rapidly.

DTZ also noted growth in the Middle Eastern and African markets, particularly in the Saudi cities of Riyadh and Jeddah.


Meanwhile, European markets are strengthening with occupancy costs in a number of prime office locations remaining flat, including Denmark, Netherlands, Norway, Portugal, Czech Republic, Hungary and most cities in the UK. However, weak economic conditions continued to depress the office markets in Germany and Italy, which experienced further reductions in costs.

Occupancy costs are defined as the average total cost of leasing prime net usable space (this being defined as modern, well-specified office space of 929 square metres or more within a central business district location).

Table source: DTZ, Global Office Occupancy Costs Survey