Stability has never been more attractive and Canadian office markets stood firm in Q2. Get the latest stats and Paul Morassutti's take on the numbers: https://lnkd.in/eUKkcpqp #Office #Canada #Report
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It takes a unique perspective to recognize the positives within the property market but it’s clear that the Philippines stands out globally. Despite geopolitical uncertainties and concerns of hybrid work's impact, Mikko Barranda, LPC's Director for Commercial Leasing, notes that the Philippine office market not only remains resilient but demonstrates consistent growth. #LeechiuPropertyConsultants #RealEstateExperts #LPCInsights
PH Office market turns in surprise ’23 performance
https://business.inquirer.net
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Global prime office markets have seen net effective costs rise in the third quarter of 2023, with the average increase standing at 0.8%. The majority of this increase is attributed to rising fit-out costs in the United States, which rose by 3.2%. Meanwhile, gross rents remain in positive territory, increasing by 0.9% over the quarter. In Europe, professional and business services occupiers are cushioning a decline in tech tenant demand, keeping vacancy levels steady. Across the EMEA region, net effective costs rose by 2.1% on average while annual gross rents increased by 1.1%. In the US, net effective costs decreased by -0.7%, and annual gross rents were up 0.5%. In Dubai, both net effective costs and annual gross rents rose by 1.2% and 2.0%, respectively. Miami, however, is experiencing a surge in costs due to a shortage of materials and labour, with office fit-out costs increasing by 10.7% in the third quarter. See more:
Savills Prime Office Costs
savills-share.com
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Global prime office markets have seen net effective costs rise in the third quarter of 2023, with the average increase standing at 0.8%. The majority of this increase is attributed to rising fit-out costs in the United States, which rose by 3.2%. Meanwhile, gross rents remain in positive territory, increasing by 0.9% over the quarter. In Europe, professional and business services occupiers are cushioning a decline in tech tenant demand, keeping vacancy levels steady. Across the EMEA region, net effective costs rose by 2.1% on average while annual gross rents increased by 1.1%. In the US, net effective costs decreased by -0.7%, and annual gross rents were up 0.5%. In Dubai, both net effective costs and annual gross rents rose by 1.2% and 2.0%, respectively. Miami, however, is experiencing a surge in costs due to a shortage of materials and labour, with office fit-out costs increasing by 10.7% in the third quarter. See more:
Spotlight: Savills Prime Office Costs – Q3 2023
savills-share.com
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The office market is currently experiencing a recalibration in demand levels as corporate occupiers are predominantly rightsizing their portfolios, with hybrid working models being more frequently adopted. The long-term impact of this trend on take-up levels is difficult to assess given the economic headwinds the market has faced in the last two years. Rising finance costs have deterred some occupiers’ propensity to undertake large capital expenditure projects, which has resulted in some office relocations being either delayed or postponed and arguably, therefore, skewing long-term take-up. A new stabilised level of take-up is, however, beginning to emerge in the post-pandemic era, after two years’ worth of transactional activity. Annual take-up levels across the Big Six regional city centre markets were, on average, 11% below the ten-year pre-Covid-19 average. There was positive leasing momentum building by the end of 2023, with Q4 2023 take-up across the Big Six regional markets 4% above the previous quarter. This was more apparent in the Greater London & South East region, with H2 2023 take-up 95% above take-up achieved in H1 2023. Improved sentiment from occupiers has been most notable from corporates, with Deloitte’s CFO Q4 2023 Survey revealing above-average optimism levels on business performance over the next 12 months, and this sentiment, combined with an expected push for the return to the office, bodes well for take-up levels in 2024.
Regional Office Outlook – Spring 2024
savills-share.com
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The office market is currently experiencing a recalibration in demand levels as corporate occupiers are predominantly rightsizing their portfolios, with hybrid working models being more frequently adopted. The long-term impact of this trend on take-up levels is difficult to assess given the economic headwinds the market has faced in the last two years. Rising finance costs have deterred some occupiers’ propensity to undertake large capital expenditure projects, which has resulted in some office relocations being either delayed or postponed and arguably, therefore, skewing long-term take-up. A new stabilised level of take-up is, however, beginning to emerge in the post-pandemic era, after two years’ worth of transactional activity. Annual take-up levels across the Big Six regional city centre markets were, on average, 11% below the ten-year pre-Covid-19 average. There was positive leasing momentum building by the end of 2023, with Q4 2023 take-up across the Big Six regional markets 4% above the previous quarter. This was more apparent in the Greater London & South East region, with H2 2023 take-up 95% above take-up achieved in H1 2023. Improved sentiment from occupiers has been most notable from corporates, with Deloitte’s CFO Q4 2023 Survey revealing above-average optimism levels on business performance over the next 12 months, and this sentiment, combined with an expected push for the return to the office, bodes well for take-up levels in 2024.
Regional Office Outlook – Spring 2024
savills-share.com
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Global prime office markets have seen net effective costs rise in the third quarter of 2023, with the average increase standing at 0.8%. The majority of this increase is attributed to rising fit-out costs in the United States, which rose by 3.2%. Meanwhile, gross rents remain in positive territory, increasing by 0.9% over the quarter. In Europe, professional and business services occupiers are cushioning a decline in tech tenant demand, keeping vacancy levels steady. Across the EMEA region, net effective costs rose by 2.1% on average while annual gross rents increased by 1.1%. In the US, net effective costs decreased by -0.7%, and annual gross rents were up 0.5%. In Dubai, both net effective costs and annual gross rents rose by 1.2% and 2.0%, respectively. Miami, however, is experiencing a surge in costs due to a shortage of materials and labour, with office fit-out costs increasing by 10.7% in the third quarter. See more:
Savills Prime Office Costs
savills-share.com
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The commercial office sector has certainly been topical of late. Do recent trends represent long-term structural change or a short-term cyclical challenge that we’ve seen before? Elanor’s David Burgess, provides his insights into why now is the time to invest in the commercial office sector. Read the full article from the Australian Property Journal #ECF #ElanorInvestors #OfficeInsights
Office, will the brave be rewarded?
https://www.australianpropertyjournal.com.au
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The time to secure a lease is being extended as negotiations now may involve not just the owner, but also debt holders. Learn more about the trends impacting office occupiers in Cresa’s latest report. https://bit.ly/3Q1vV1W
2023 Occupier Outlook - Office
cresa.com
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Office construction dropped to the lowest level since 2011 and no new office projects broke ground in the first quarter, giving the office market a chance to stabilize. See what this means for office-using businesses, landlords and investors in our Q1 2024 Canada Office Figures: #CRE #CommmercialRealEstate #Office
Download Now! | Canada Office Figures Q1 2024
cbre.ca
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The current office market is going through a period of adjustment in demand levels as companies are focusing on optimizing their portfolios, especially with the increase in hybrid working models. It is challenging to predict the long-term effects of this trend on office take-up levels due to the economic challenges faced by the market in recent years. The rise in financial costs has made some occupiers hesitant to undertake major capital projects, leading to delays or cancellations of office relocations and potentially impacting long-term take-up. However, there is a new stable level of take-up emerging in the post-pandemic era after two years of transactional activity. Across the Big Six regional city center markets, annual take-up levels were, on average, 11% lower than the pre-Covid-19 average. By the end of 2023, there was a positive leasing trend, with Q4 2023 take-up in the Big Six regional markets increasing by 4% compared to the previous quarter. This trend was more pronounced in the Greater London & South East region, with H2 2023 take-up being 95% higher than in H1 2023. There has been a noticeable increase in optimism among corporate occupiers, as shown in Deloitte's CFO Q4 2023 Survey, which indicates above-average confidence in business performance over the next year. This positive sentiment, along with an expected push for the return to the office, suggests a promising outlook for take-up levels in 2024.
Regional Office Outlook – Spring 2024
savills-share.com
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