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EU Office Rents on the Slide

LONDON-Office rents are now falling in all the main office centres of Europe according to new research from CB Hillier Parker. London; Paris; Frankfurt and Madrid all saw falls during the third quarter of 2002.

By Graham Parker | Updated on November 06, 2002

LONDON-The economic uncertainty facing the main European economies is now filtering through to the property market with office rents under pressure in all the continent’s major office centres, according to new research from CB Hillier Parker. During the third quarter of 2002 the firm’s EU rent index fell 2%. Rents are now down 5.7% year-on-year and down 6.3% from their peak.

CB Hillier Parker surveyed office rents in 37 centres across Europe and found that Birmingham was the only centre to register an increase–of 3.8%–over the quarter. Looking further afield, the Middle east region has been badly hit by the threat of war, with rents in Dubai falling 11.8% in just three months making it the quarter’s worst performer.

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