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European Rental Office Is Restored

Written By: - Jan• 04•12

The aggregate index rents office space "premium" class in the I quarter of 2010, in compiling the data which were used in 24 European markets grew by 1.2% compared to the last quarter of 2009. It should be noted that the growth of this indicator is marked for the first time, starting with the II quarter of 2008. The number of vacant offices in the middle of the continent was 10.2%, unchanged from the previous period. Maximum rise in office rental demonstrated in Brussels, Moscow and London, where an increase of 17%, 14% and 6% respectively. However, as analysts note, such an impressive growth in the Brussels market, due to the signing of a major transaction and does not reflect the situation in this segment as a whole.

With regard to the British capital, it should be noted also the growth of prices in other sectors of commercial real estate. Appreciation recorded in the segment of shopping centers (3%) and retail properties (2.3%). In the segment of commercial real estate, it should be noted decline in vacancy to 6.7%, going by a decline in the number of new projects. It is expected that the amount of input of new area in the next year will be the smallest for all the years of such statistics. On the return of Russian capital into a world leader in high cost of renting a few previously reported Fellton.ru.

According to the analytical department of the company, the cost to rent office space "A" class in Moscow is from $ 700 per square meter, Class "B" – from $ 550 In this case, the expected launch of new office space this year will be about 1.3 million square meters, with 1.7 million square meters in 2009. But the most perceived decline in rental rates for January-March 2010 was noted in Dublin, Madrid and Budapest. The rate of fall in prices in these cities amounted to 7.6%, 2.5% and 2.4% respectively. Thus, in the Irish capital for the first time in three years reduced the number of empty offices – up to 23% against 23.5% in the IV quarter of last year, only slightly more than in Budapest (20.8%). As for Madrid, there is vacant office space less than half in Dublin – 10.6% and average prices for rental of office of the square in the city average amount of 9 euros per month for a square on the outskirts and 30 euros in the downtown area.

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