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Global Occupier Market Dashboard
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Key Market Indicators for Office Occupiers, Q2 2021
ATLANTA BALTIMORE
BOSTON
TORONTO CHICAGO (CBD)
DALLAS
DENVERSALT LAKE CITY
HOUSTON
LOS ANGELES
MINNEAPOLIS
NORTHERN NEW JERSEY
NEW YORK CITY (MANHATTAN)
ORANGE COUNTY, CALIFORNIA
PHOENIX
SEATTLE
SILICON VALLEY (SOUTH BAY)
SOUTH FLORIDA
NAIROBI
KAMPALA
BLANTYRE
LILONGWE
HARARE
LUSAKA
ACCRA LAGOS
CAIRO
GABORONE
JOHANNESBURG
CAPE TOWN
WASHINGTON, DC
BRISBANE
MELBOURNE
PERTHSYDNEY
PHNOM PENHMANILA
BEIJING
GUANGZHOU
SHANGHAI
HONG KONG SAR
MUMBAI
NEW DELHIDOHA
MUSCAT
ABU DHABI (FREEZONES)
RIYADH (KAFD)
JEDDAH
JAKARTA
TOKYO
KUALA LUMPUR
BENGALURU
SINGAPORE
SEOUL
BANGKOK
PHILADELPHIA
ST LOUIS
SAN FRANCISCO
DUBAI (DIFC)
MANAMAKUWAIT
BUENOS AIRES
SAO PAULO
MEXICO CITY
RIO DE JANEIRO
WELLINGTON
AUCKLAND
SHENZHEN
DAR ES SALAAM
AUSTIN
BOGOTABOGOTAPANAMA CITY
GREATER METROPOLITAN AREA
MARKET PENDULUM
LANDLORDBALANCED
TENANT
2022
LANDLORD
BALANCED
TENANT
2021
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 1
HONG KONG
BRUSSELSWARSAW
MOSCOW
ZURICH
DUBLINAMSTERDAM
LONDON (CITY)
LONDON (WEST END)
BUCHAREST
MADRID
BARCELONA
BUDAPEST
VIENNA
PRAGUE
MILAN
GENEVA
PARIS
MUNICH
BERLIN
BRUSSELS
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 1
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 33.91 41.09
B E LG I U M Brussels 34.24 46.20
C Z E C H R E P U B L I C Prague 28.70 40.87
F R A N C E Paris 101.09 111.85
G E R M A N Y Berlin 52.51 57.23
G E R M A N Y Munich 51.52 56.41
H U N G A RY B u d a p e s t 31.96 48.72
I TA LY Milan 65.22 70.98
S PA I N Barcelona 36.52 46.09
S PA I N Madrid 42.39 48.70
N E T H E R L A N D S Amsterdam 51.63 58.70
P O L A N D Warsaw 32.61 39.13
R E P U B L I C O F I R E L A N D Dublin 67.28 83.59
R O M A N I A B u c h a r e s t 23.48 28.04
R U S S I A Moscow 71.73 85.13
S W I T Z E R L A N D Geneva 105.12 74.55
S W I T Z E R L A N D Zurich 76.69 89.47
U N I T E D K I N G D O M London (City) 72.50 107.62
U N I T E D K I N G D O M London (West End) 115.00 162.70
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 2021.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
A M E R I C A SCOUNTRY / TERRITORY MARKET PRIME RENT
(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1
(USD / SQ FT / PA)
A R G E N T I N A Buenos Aires 26.71 31.72
B R A Z I L Sao Paulo 25.92 33.60
B R A Z I L Rio de Janeiro 17.65 23.59
C A N A DA Toronto 28.13 48.79
M E X I C O Mexico City 31.97 41.88
C O LO M B I A Bogota 25.05 33.57
C O S TA R I C A Greater Metropolitan Area 26.41 34.91
PA N A M A Panama City 19.29 23.77
U N I T E D S TAT E S Atlanta 32.00 45.00
U N I T E D S TAT E S Austin 47.80 66.80
U N I T E D S TAT E S Baltimore 20.71 34.39
U N I T E D S TAT E S Boston 46.64 72.69
U N I T E D S TAT E S Chicago (CBD) 41.23 64.09
U N I T E D S TAT E S Dallas 35.76 49.94
U N I T E D S TAT E S Denver 39.81 65.00
U N I T E D S TAT E S Houston 3 5 .0 6 53.34
U N I T E D S TAT E S Los Angeles 36.13 52.92
U N I T E D S TAT E S Minneapolis 20.76 36.48
U N I T E D S TAT E S New York City (Manhattan) 129.39 169.39
U N I T E D S TAT E S Northern New Jersey 22.85 33.85
U N I T E D S TAT E S Orange County, California 35.74 49.44
U N I T E D S TAT E S Philadelphia 35.40 47.58
U N I T E D S TAT E S Phoenix 32.00 43.12
U N I T E D S TAT E S Salt Lake City 28.57 38.96
U N I T E D S TAT E S San Francisco 97.00 118.50
U N I T E D S TAT E S Seattle 48.52 65.85
U N I T E D S TAT E S Silicon Valley (South Bay) 91.92 116.58
U N I T E D S TAT E S South Florida 48.00 64.50
U N I T E D S TAT E S St Louis 31.72 45.42U N I T E D S TAT E S Washington DC 37.51 65.75
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 42.27 54.38A U S T R A L I A Melbourne 49.30 60.72A U S T R A L I A Perth 42.95 55.28A U S T R A L I A Sydney 82.86 97.83C A M B O D I A Phnom Peh 29.32 37.73
C H I N A Beijing 56.08 83.69C H I N A Guangzhou 32.08 54.62C H I N A Shanghai 43.42 67.18C H I N A Shenzhen 34.18 57.71
H O N G KO N G S A R Hong Kong SAR 172.75 181.27I N D I A Bengalaru 19.44 25.90I N D I A Mumbai 45.54 52.00I N D I A New Delhi 54.87 61.32
I N D O N E S I A Jakarta 23.11 27.82J A PA N Tokyo 88.30 113.40
M A L AY S I A Kuala Lumpur 16.24 19.77N E W Z E A L A N D Auckland 41.71 52.33N E W Z E A L A N D Wellington 32.32 43.46
P H I L I P P I N E S Manila 25.98 29.99S I N G A P O R E Singapore 88.84 102.71
S O U T H KO R E A Seoul 35.85 87.38T H A I L A N D Bangkok 39.36 43.71
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 17.79 19.92B OT S WA N A Gaborone 13.30 15.34
E GY P T Cairo 32.36 36.82G H A N A Accra 33.44 39.02K E N YA Nairobi 13.20 22.90
K U WA I T Kuwait City 49.51 66.62M A L AW I Blantyre 8.79 12.58M A L AW I Lilongwe 13.38 18.18N I G E R I A Lagos 69.70 95.72
O M A N Muscat 16.94 18.97Q ATA R Doha 29.71 43.49
S A U D I A R A B I A Jeddah 24.58 27.03S A U D I A R A B I A Riyadh (KAFD) 47.07 54.13S O U T H A F R I C A Cape Town (CBD) 17.88 19.80S O U T H A F R I C A Johannesburg Sandton 16.92 18.84
TA N Z A N I A Dar es Salaam 16.68 27.60U A E Abu Dhabi (Freezones) 49.87 56.20U A E Dubai (DIFC) 53.94 64.30
U G A N DA Kampala 16.17 23.60Z A M B I A Lusaka 20.04 23.40
Z I M B A B W E Harare 11.15 13.94
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 2021.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 provides strategic advice, consultancy services and forecasting to a wide range of clients worldwide including developers, investors, funding organisations, corporate institutions and the public sector. All our clients recognise the need for expert independent advice customised to their specific needs. Important Notice: © Knight Frank LLP 2021 This report is published for general information only and not to be relied upon in any way. Although high standards have been used in the preparation of the information, analysis, views and projections presented in this report, no responsibility or liability whatsoever can be accepted by Knight Frank LLP for any loss or damage resultant from any use of, reliance on or reference to the contents of this document. As a general report, this material does not necessarily represent the view of Knight Frank LLP in relation to particular properties or projects. Reproduction of this report in whole or in part is not allowed without prior written approval of Knight Frank LLP to the form and content within which it appears. Knight Frank LLP is a limited liability partnership registered in England with registered number OC305934. Our registered office is 55 Baker Street, London, W1U 8AN, where you may look at a list of members’ names.
Knight Frank Research Reports are available atknightfrank.com/research
Colin FitzgeraldPartner EMEA+44 20 7861 [email protected]
Joey Vlasto Partner, North America +1 64 6441 3738 [email protected]
Research
Matt HayesResearch Analyst+44 161 470 [email protected]
William Beardmore-GrayPartner, Global+44 20 7861 [email protected]
Tim ArmstrongPartner, APAC+65 6429 [email protected]
Occupier Services & Commercial Agency
