Prime office rents edge up in Q4 2011: JLL

Global real estate markets are showing steady improvements even though economic uncertainty still affects the main centres, according to Jones Lang LaSalle's new suite of global forecasting reports.

The firm's Global Office Index reveals the fourth quarter 2011 marked the eighth consecutive quarter during which prime office rents have risen, up a further 0.8% over the previous quarter and representing 6% growth over the fourth quarter of 2010. Global vacancy is edging down to the lowest point for the past two years at 13.6%.

'The majority of global leasing markets are holding firm, and many are showing remarkable resilience especially among the BRIC countries, as well as robust showings from Canada, Australia, Germany and the Nordics,' said Jeremy Kelly, Director in Jones Lang LaSalle's Global Research team and author of the Global Market Perspective. 'While leasing markets in the major financial centres are softening, the limited supply pipeline should ensure that they do not move significantly out of balance.'

Jones Lang LaSalle's Global Office Index tracks the rental performance of prime office space across 81 major markets in the Americas, Asia Pacific and Europe.