Most office markets around the world are increasingly showing signs that the worst of the global economic crisis is over
. In particular, Asia Pacific, Latin America and Canada have all recorded healthy growth rates and show signs of future expansion.
According to the Colliers Global Office Real Estate Review for the first six months of 2010, the outlook for the rest of the year and into 2011 looks good. However, there was a rise in office vacancies in some parts of the world, with the worst felt across the EMEA (Europe Middle East and Africa) region.
This was particularly true of Dubai, Riyadh, Sofia, Bucharest, Athens, Abu Dhabi, Budapest, Johannesburg and Tirana, all of which saw their respective vacancy rates rise by at least four per cent in the first half of 2010. The highest vacancy levels are found in Riga and Dubai – both with 30 per cent vacant office space.
Despite this, the vacancy rates in central London, Madrid, Dublin, Moscow, and Tel Aviv all fell during first half of the year.
- Friday 22 October 2010