Rents for prime property across the globe have stabilised suggesting that consumer confidence in real estate worldwide is beginning to grow, the latest figures suggest. CB Richard Ellis' (CBRE) Global Retail Market View report highlights the increasing demand for prime retail space in most markets, with some cities seeing substantial annual growth at the end of the third quarter of 2010.
The property consultant revealed that prime rents rose by an average of 0.2 per cent globally in the third quarter of the year compared to the previous three months. On a year-on-year basis, the Americas saw the largest climb at six per cent followed by Asia (four per cent) and then the Pacific region (three per cent).
However, in areas where the effects of the economic downturn continue to be felt, such as Europe, the Middle East and Africa, average rents fell by three per cent on a year-on-year basis. CBRE says that this is a result of the slump being felt in markets such as Spain Ireland and Greece.
- Monday 22 November 2010