Hong Kong posted the largest jump, growing 30% to $75.90 per sf. That market has a 3.8% vacancy rate. Madrid and Tokyo both saw an approximate 24% change in rental rates, while London posted a 22% change. Los Angeles came in sixth with an 8.7% increase to $31.40 per sf. New York City ranked eighth on the list with average rental rates at $54.60 per sf, a growth of almost 18% from last year, while Washington, DC's rents grew by 6% to $48.10 per sf.

Ward Caswell, US director of research for CBRE, says that at first glance the numbers may seem pretty standard, "But what is really interesting is that for the first time we are seeing all the global markets in sync on the uptick for both vacancy and rents. That has been aligning for the last couple years and now we are seeing the acceleration phase."

Rental increases in the 10 major markets, Caswell says, speaks to the overall strength of the global economy and signals good times ahead for investors, owners and landlords. On the other hand, tenants are being forced to make renewal decisions early in order to lock in on prime space.