Beijing leading the global office space market | 31 August 2012
A report has suggested that Beijing is leading the way when it comes to the global markets for office space, fmlink.com reports.
Created by Cushman & Wakefield, according to Cushwake.com, the report took a ‘relatively informal’ look at the world’s office markets and offered ‘medals’ up to those who fared well – awarding Beijing ‘gold’ status for its office market performance.
To bestow the award, the report’s creators took into account the markets demonstrating the ‘fastest value growth over the past year, the ones displaying the strongest rental or yield recovery since the last global downturn and those that have sustained the highest rents and actual capital values for this criteria’.
Beijing topped the table, closely followed by San Francisco and Moscow, then London (which came joint-fourth with Shanghai). The latter won due to the significant upturn in rents noted, as well as capital values. Asia as a whole was the top performer in the report, slightly ahead of the Americas and Europe/Middle East.
The author of the report, David Hutchings, shared his thoughts on the findings: “…We still have an international office market where occupiers are needing to seek out better space and locations to help them compete, work better and meet their sustainability targets.”
He also spoke of the upcoming opportunity for businesses to “take advantage” of global office space and “steal a march on their competitors”. Hutchings likened the battle between competitors to a sporting match; adding that the winners will be the “boldest and the best prepared”.
Written by Deborah Bates on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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