Prime office rents increased in the second quarter of 2012 in Düsseldorf (+4.2%) and Berlin (+2.3%), but declined in Dublin (-6.5%), Madrid (-2.0%), Barcelona (-1.4%) and Paris (-1.2%), according to Jones Lang LaSalle's Property Clock for Q2 2012.
Prime office rents increased in the second quarter of 2012 in Düsseldorf (+4.2%) and Berlin (+2.3%), but declined in Dublin (-6.5%), Madrid (-2.0%), Barcelona (-1.4%) and Paris (-1.2%), according to Jones Lang LaSalle's Property Clock for Q2 2012.
Overall, prime office rents witnessed a marginal reduction (-0.2%) for the second consecutive quarter and are now 0.1% below Q2 2011 levels. Rental changes were only recorded in Western Europe, with rents in the CEE region remaining unchanged.
The gradual recovery of the European office market has stalled as progress towards a sustained solution of the Eurozone debt crisis remains slow. Office demand is expected to remain weak as 2012 GDP forecasts for the Eurozone remain subdued and a convincing solution to the economic challenges seems unlikely in the near term.
