Research, Q2 2020

Global Occupier Market Dashboard

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Key Market Indicators for Office Occupiers

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ATLANTA BALTIMORE

BOSTON

TORONTO CHICAGO (CBD)

DALLAS

DENVER

HOUSTON

LOS ANGELES

MINNEAPOLIS

NORTHERN NEW JERSEYNEW YORK CITY (MANHATTAN)

ORANGE COUNTY, CALIFORNIA

PHOENIX

SEATTLE

SILICON VALLEY (SOUTH BAY)

SOUTH FLORIDA

NAIROBI

KAMPALA

HARARE

LUSAKA

ACCRA LAGOS

CAIRO

GABORONEJOHANNESBURG

CAPE TOWN

WASHINGTON, DC

BRISBANE

MELBOURNE

PERTHSYDNEY

PHNOM PENHMANILA

BEIJING

GUANGZHOU

SHANGHAI

HONG KONG

MUMBAI

NEW DELHIDOHA

MUSCAT

ABU DHABI

RIYADH

JEDDAH

JAKARTA

TOKYO

KUALA LUMPUR

BENGALURU

SINGAPORE

SEOUL

TAIPEI

BANGKOK

PHILADELPHIA

ST LOUIS

SAN FRANSISCO

DUBAI

MANAMAKUWAIT

BUENOS AIRES

SAO PAULO

MEXICO CITY

RIO DE JAINERO

WELLINGTON

AUCKLAND

SHENZHEN

HONG KONG

BRUSSELSWARSAW

MOSCOW

ZURICH

DUBLINAMSTERDAM

LONDON (CITY)

LONDON (WEST END)

BUCHAREST

MADRID

BARCELONA

BUDAPEST

VIENNA

PRAGUE

MILAN

GENEVA

PARIS

MUNICH

BERLIN

BRUSSELS

MARKET PENDULUM

LANDLORDBALANCED

TENANT

2021

LANDLORD

BALANCED

TENANT

2020

G L O B A L M A R K E T P E N D U L U M Q 2 2 0 2 0

G LO B A L O C C U P I E R M A R K E T D A S H B O A R D G LO B A L O C C U P I E R M A R K E T D A S H B O A R D G LO B A L O C C U P I E R M A R K E T D A S H B O A R D

2 3 4

G L O B A L O F F I C E C O S T S , Q 2 2 0 2 0

E U R O P ECOUNTRY / TERRITORY MARKET PRIME RENT

(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1

(USD / SQ FT / PA)

A U S T R I A Vienna 32.62 39.25

B E LG I U M Brussels 33.46 40.99

C Z E C H R E P U B L I C Prague 28.86 40.57

F R A N C E Paris 96.20 106.55

G E R M A N Y B e r l i n 50.82 55.84

G E R M A N Y M u n i c h 48.93 53.64

H U N G A RY Budapest 29.58 42.58

I TA LY Milan 62.74 68.26

N E T H E R L A N D S Amsterdam 49.67 57.51

P O L A N D Warsaw 31.37 43.92

R E P U B L I C O F I R E L A N D Dublin 70.37 86.05

R O M A N I A Bucharest 22.59 26.98

R U S S I A Moscow 73.86 85.13

S PA I N Barcelona 35.13 44.33

S PA I N Madrid 40.78 46.84

S W I T Z E R L A N D Geneva 68.63 73.54

S W I T Z E R L A N D Zurich 87.00 92.00

U N I T E D K I N G D O M City of London 141.57 200.28

U N I T E D K I N G D O M West End 89.25 120.04

A M E R I C A SCOUNTRY / TERRITORY MARKET PRIME RENT

(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1

(USD / SQ FT / PA)

U N I T E D S TAT E S Atlanta 31.25 44.25

U N I T E D S TAT E S Baltimore 15.21 29.21

U N I T E D S TAT E S Boston 49.99 76.04

U N I T E D S TAT E S Chicago (CBD) 34.67 58.12

U N I T E D S TAT E S Dallas 35.65 49.63

U N I T E D S TAT E S Denver 31.00 56.19

U N I T E D S TAT E S Houston 34.28 51.93

U N I T E D S TAT E S Los Angeles 32.86 49.65

U N I T E D S TAT E S Minneapolis 19.74 34.89

U N I T E D S TAT E S New York City (Manhattan) 129.22 169.22

U N I T E D S TAT E S Northern New Jersey 22.87 33.87

U N I T E D S TAT E S Orange County, California 27.30 41.00

U N I T E D S TAT E S Philadelphia 33.63 46.76

U N I T E D S TAT E S Phoenix 27.13 37.74

U N I T E D S TAT E S San Francisco 99.00 120.50

U N I T E D S TAT E S Seattle 4 7. 4 6 64.47

U N I T E D S TAT E S Silicon Valley (South Bay) 74.88 99.34

U N I T E D S TAT E S South Florida 47.00 63.00

U N I T E D S TAT E S St. Louis 28.35 41.47

U N I T E D S TAT E S Washington, DC 40.33 72.33

M E X I C O Mexico City 40.13 52.38

A R G E N T I N A Buenos Aires 32.80 37.50

B R A Z I L Sao Paulo 20.78 28.2

B R A Z I L Rio De Janerio 16.54 21.68

C A N A DA Toronto 26.09 46.40

¹ Occupancy costs include service charges and taxes. In US markets, these are referred to as gross rents. * Property tax rates vary under California’s Proposition 13. Conversion to USD based on rates as at 31st March 2020.Note that Australian rent and occupancy cost data is now quoted on a headline rather than net effective basis. India rents and occupancy costs are calculated on a built-up area basis and not on a carpet area basis.Source: Knight Frank Research / NKF Research

G LO B A L O C C U P I E R M A R K E T D A S H B O A R D

5

A PA CCOUNTRY / TERRITORY MARKET PRIME RENT

(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1

(USD / SQ FT / PA)

A U S T R A L I A Brisbane 38.80 49.57A U S T R A L I A Melbourne 45.41 55.92A U S T R A L I A Perth 39.74 51.09A U S T R A L I A Sydney 76.25 88.89C A M B O D I A Phnom Peh 28.35 36.63

C H I N A Beijing 52.95 78.77C H I N A Guangzhou 29.51 50.18C H I N A Shanghai 41.51 63.86C H I N A Shenzhen 32.98 55.23

H O N G KO N G Hong Kong 191.05 198.46I N D I A Bengaluru 21.44 27.80I N D I A Mumbai 48.71 55.07I N D I A New Delhi 53.99 60.35

I N D O N E S I A Jakarta 24.93 32.53J A PA N Tokyo 100.41 127.00

M A L AY S I A Kuala Lumpur 16.50 19.87N E W Z E A L A N D Auckland 41.00 52.95N E W Z E A L A N D Wellington 29.00 40.00

P H I L I P P I N E S Manila 25.52 29.46S I N G A P O R E Singapore 85.51 98.89

S O U T H KO R E A Seoul 32.18 78.66TA I WA N Taipei 32.49 49.36

T H A I L A N D Bangkok 41.00 45.54

¹ Occupancy costs include service charges and taxes. In US markets, these are referred to as gross rents. * Property tax rates vary under California’s Proposition 13. Conversion to USD based on rates as at 30th June 2020. Note that Australian rent and occupancy cost data is now quoted on a headline rather than net effective basis. India rents and occupancy costs are calculated on a built-up area basis and not on a carpet area basis.Source: Knight Frank Research / NKF Research

Knight Frank Research Reports are available atknightfrank.com/research

Colin FitzgeraldPartner EMEA+44 20 7861 1203colin.fitzgerald@knightfrank.com

Joey Vlasto Partner, North America +1 64 6441 3738 jvlasto@ngkf.com

Research

Dr Lee Elliott Partner, Head of Global Occupier Research +44 20 7861 5008 lee.elliott@knightfrank.com

William Beardmore-GrayPartner, Global+44 20 7861 1308william.beardmore-gray@knightfrank.com

Tim ArmstrongPartner, APAC+65 6429 3531tim.armstrong@asia.knightfrank.com

Occupier Services & Commercial Agency

M E ACOUNTRY / TERRITORY MARKET PRIME RENT

(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1

(USD / SQ FT / PA)

B A H R A I N Manama 19.27 21.59B OT S WA N A Gaborone 12.07 13.88

E GY P T Cairo 28.99 33.44G H A N A Accra 31.22 35.81K E N YA Nairobi 15.60 16.00

K U WA I T Kuwait City 47.67 64.79N I G E R I A Lagos 70.09 82.01

O M A N Muscat 16.79 18.81Q ATA R Doha 31.58 45.36

S A U D I A R A B I A Jeddah 23.96 26.35S A U D I A R A B I A Riyadh 36.05 40.37S O U T H A F R I C A Cape Town CBD 15.12 16.68S O U T H A F R I C A Johannesburg Sandton 15.48 17.16

U A E Abu Dhabi 41.52 47.84U A E Dubai 56.56 66.91

U G A N DA Kampala 16.73 24.23Z A M B I A Lusaka 20.04 23.40

Z I M B A B W E Harare 8.90 15.16

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