CHICAGO—Uncertain economic conditions, especially in China and Europe, has resulted in subdued rental growth for offices across much of the globe, according to a study just published by DTZ Research. The firm's Occupier Perspective Global Office Review H1 2013 looked at the performance of 90 markets throughout the US, Asia and Europe.
“The global picture for the first half of this year is showing that most global corporations are waiting to see whether the global economic recovery will provide a sustained demand for their goods and services before they commit to expanding their office space,” says Milena Kuljanin, one of the study's authors.
In the US, the researchers found that a majority of studied markets had lower absorption rates than recorded in the first half of last year. DTZ attributed the lower rates to a tech slowdown. The now-commonplace desire of occupiers to shrink their footprints by designing more collaborative and open work environments also limited absorption. A limited supply, however, offset both factors.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
