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Poor showing for commercial property rents across Europe

Poor showing for commercial property rents across Europe (News (General))

by administrator @, Friday, July 24, 2009, 19:34

Rents in all commercial property sectors in Europe are affected by weak economic conditions across the continent in the second quarter of this year, according to a new report.

But it is the office sector that has been hit hardest. In a survey of 49 office locations some 26 saw prime rents fall, 23 were unchanged with none experiencing an increase, the latest index from CB Richard Ellis shows.

The steepest fall was in Kiev, down 25%, followed by Moscow which saw rents decline 16%. Several other Central and Eastern European markets also saw downward pressure.

Among the major western European office markets, notable quarterly falls occurred in London, Madrid, Dublin and Oslo, while rents remained relatively stable in Germany and the Netherlands.

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