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Office markets in Australia and the greater Pacific region are outperforming international counterparts, according to CB Richard Ellis (CBRE).
CBRE’s latest Global Office Occupancy Costs survey found global office market occupancy costs have declined substantially as a result of the international recession.
Occupancy costs dropped by as much as 34 per cent in Singapore for example; 20 per cent declines were also not uncommon, CBRE said.
Overall, international office occupancy costs fell 2.8 per cent in the 12 months to March, compared to an 8 per cent increase in the 12 months to September 2008.
The outcomes in Australia’s office markets were at the stronger end of the scale, with Perth recording the second fastest growth in occupancy costs in the world.
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