Global Occupier Market Summary - Q1 2023
Core Content
This document presents key market indicators for office occupiers in Q1 2023, including prime rent and total occupancy costs across various global markets. The data is categorized into three regions: Europe, Americas, and Middle East & Africa (MEA), with additional information on APAC markets. The report also includes contact details for Knight Frank's research team and key personnel responsible for occupier strategy and solutions.
Main Regions and Markets
Europe
| Country/Territory |
Market |
Prime Rent (USD/SQ FT/PA) |
Total Occupancy Cost (USD/SQ FT/PA) |
| Austria |
Vienna |
33.32 |
45.94 |
| Czech Republic |
Prague |
32.71 |
46.24 |
| France |
Paris |
98.94 |
108.94 |
| Germany |
Berlin |
52.70 |
58.15 |
| Germany |
Munich |
53.91 |
58.76 |
| Hungary |
Budapest |
33.92 |
37.46 |
| Italy |
Milan |
70.67 |
80.77 |
| Netherlands |
Amsterdam |
55.53 |
66.13 |
| Poland |
Warsaw |
31.50 |
39.98 |
| Republic of Ireland |
Dublin |
70.67 |
87.33 |
| Romania |
Bucharest |
23.02 |
28.47 |
| Spain |
Barcelona |
33.92 |
40.89 |
| Spain |
Madrid |
40.59 |
47.55 |
| United Kingdom |
London (City) |
92.72 |
150.32 |
| United Kingdom |
London (West End) |
160.71 |
246.47 |
Americas
| Country/Territory |
Market |
Prime Rent (USD/SQ FT/PA) |
Total Occupancy Cost (USD/SQ FT/PA) |
| Canada |
Toronto |
59.05 |
81.86 |
| USA |
Atlanta |
31.16 |
44.26 |
| USA |
Austin |
49.04 |
66.94 |
| USA |
Boston |
73.64 |
103.34 |
| USA |
Charlotte |
36.47 |
49.12 |
| USA |
Chicago |
43.18 |
62.21 |
| USA |
Dallas/Fort Worth |
31.72 |
43.51 |
| USA |
Denver |
38.12 |
55.62 |
| USA |
Houston |
43.12 |
57.92 |
| USA |
Los Angeles |
51.09 |
71.69 |
| USA |
Miami |
45.71 |
65.01 |
| USA |
Nashville |
33.74 |
47.74 |
| USA |
New York |
67.19 |
91.49 |
| USA |
Orlando |
30.26 |
45.36 |
| USA |
Phoenix |
36.15 |
50.15 |
| USA |
Raleigh-Durham |
32.20 |
42.92 |
| USA |
Salt Lake City |
30.02 |
38.02 |
| USA |
San Francisco |
79.61 |
97.17 |
| USA |
Seattle |
49.77 |
60.87 |
| USA |
Tampa-St. Petersburg |
32.62 |
43.07 |
| USA |
Washington DC |
60.17 |
87.77 |
Middle East & Africa
| Country/Territory |
Market |
Prime Rent (USD/SQ FT/PA) |
Total Occupancy Cost (USD/SQ FT/PA) |
| Bahrain |
Manama |
19.22 |
21.19 |
| Botswana |
Gaborone |
10.60 |
12.55 |
| Egypt |
Cairo |
30.00 |
34.46 |
| Ghana |
Accra |
28.00 |
35.58 |
| Kenya |
Nairobi |
13.00 |
22.46 |
| Kuwait |
Kuwait City |
35.73 |
52.69 |
| Malawi |
Blantyre |
6.70 |
11.22 |
| Malawi |
Lilongwe |
9.60 |
13.53 |
| Nigeria |
Lagos |
55.00 |
79.96 |
| Oman |
Muscat |
17.37 |
20.03 |
| Qatar |
Doha |
32.12 |
45.88 |
| Saudi Arabia |
DMA (Dammam Metropolitan Area) |
24.45 |
26.90 |
| Saudi Arabia |
Jeddah |
29.78 |
32.75 |
| Saudi Arabia |
Riyadh (KAFD) |
56.93 |
65.47 |
| South Africa |
Cape Town (CBD) |
15.20 |
17.11 |
| South Africa |
Johannesburg |
14.50 |
16.40 |
| Tanzania |
Dar es Salaam |
15.00 |
20.06 |
| UAE |
Abu Dhabi (ADGM) |
63.25 |
69.57 |
| UAE |
Dubai (DIFC) |
70.25 |
80.60 |
| Uganda |
Kampala |
15.00 |
18.25 |
| Zambia |
Lusaka |
18.00 |
21.36 |
| Zimbabwe |
Harare |
12.00 |
17.00 |
APAC Markets
| Country/Territory |
Market |
Prime Rent (USD/SQ FT/PA) |
Total Occupancy Cost (USD/SQ FT/PA) |
| Australia |
Brisbane |
40.12 |
51.88 |
| Australia |
Melbourne |
43.48 |
55.18 |
| Australia |
Perth |
40.06 |
51.38 |
| Australia |
Sydney |
78.01 |
91.95 |
| Cambodia |
Phnom Penh |
26.42 |
33.33 |
| China |
Beijing |
51.93 |
77.73 |
| China |
Guangzhou |
24.80 |
43.49 |
| China |
Shanghai |
41.85 |
64.59 |
| China |
Shenzhen |
29.70 |
50.79 |
| Hong Kong |
Hong Kong |
159.29 |
170.45 |
| India |
Bengaluru |
19.72 |
36.52 |
| India |
Mumbai |
44.10 |
71.34 |
| India |
New Delhi |
49.65 |
79.27 |
| Indonesia |
Jakarta |
23.96 |
28.56 |
| Japan |
Tokyo |
70.82 |
91.54 |
| Malaysia |
Kuala Lumpur |
15.46 |
18.78 |
| New Zealand |
Auckland |
33.42 |
42.14 |
| Philippines |
Manila |
29.61 |
33.39 |
| Singapore |
Singapore |
97.75 |
113.05 |
| South Korea |
Seoul |
33.19 |
83.05 |
| Thailand |
Bangkok |
38.70 |
42.98 |
| Vietnam |
Ho Chi Minh City |
56.10 |
70.90 |
Key Notes
- Occupancy Costs: In the US, occupancy costs are referred to as gross rents and include service charges and taxes.
- Conversion: All figures are converted to USD based on exchange rates as of March 31, 2023.
- Data Basis: In Australia, rent and occupancy cost data is quoted on a headline basis, not net effective. In India, data is calculated on a built-up area basis, not carpet area.
- Market Trends: The report highlights variations in prime rent and total occupancy costs across different cities and countries, reflecting economic conditions, demand, and supply dynamics.
Key Personnel
Disclaimer
Knight Frank Research provides strategic advice and consultancy services. This report is for general information only and not to be relied upon in any way. Knight Frank LLP is not liable for any loss or damage resulting from the use of this report. Reproduction is not allowed without prior written approval.