Global growth has stimulated relatively robust leasing activity, particularly in EMEA and APAC. As a result, prime office occupancy costs are growing at a faster rate than they were this time last year. Only the Americas has seen a slowdown, but this is small and it is still the region with the overall fastest annual increase in costs at 3.2%.
Prime office occupancy costs increased by 2.4% globally in the year ending Q1 2018, higher than the 1.9% growth rate of a year ago. This was largely attributable to an increase in year-over-year growth in Asia Pacific (1.7%) and EMEA (2.0%), while occupancy costs in the Americas increased by 3.2% year-over-year.
Hong Kong (Central) remains the most expensive location in the world, as it has been for the past two years.