The office markets in most major international cities weakened in 2002 and large rental falls in several global locations have pushed Birmingham and Manchester into the top ten for the first time in sixth and tenth place respectively.

Cost-containment remained a major consideration for occupiers as continued corporate restructuring and downsizing, accounting scandals and the threat of war in the Middle East and the lingering effects of 11 September left most global economies with weaker than expected performances. High levels of available space to be sub-let space remained a key feature in many markets.

As a result, costs in a number of world cities have decreased. London, Frankfurt and Dublin all saw falls as did the major Asian cities of Tokyo, Hong Kong and Beijing and downtown New York Boston and Washington DC in the USA. Conversely occupancy costs in a number of European cities have risen significantly, in particular in Milan, Paris and many UK cities outside London.