If the global office rent sector serves as a gauge, the economy must be improving. According to the latest data from the CBRE Global Office Rent Index, this is the case. The Index indicates that global office rental growth and capital values are on the rise. lusail city map
The CBRE Global Office Rent Index increased 4.3 percent year over year in the first quarter of 2011 (Q1), following a 2.4 percent increase in the fourth quarter of 2010.
The CBRE Global Office Capital Value Index increased by 12% year over year in Q1 2011, and has been on the mend for over a year.
After a more mild drop from its high, the Europe, Middle East, and Africa (EMEA) area saw positive rental growth of 2.5 percent.
"Rates of rental and capital value change in the EMEA region are now modest," said Richard Holberton, Director of EMEA Research, CBRE, in a news release.
"While few markets are now seeing any decline in prime rents, clear evidence of growth is confined to a small number of the stronger cities such as London, Paris, Berlin, and Stockholm." "While few markets are now seeing any decline in prime rents, clear evidence of growth is confined to a small number of the stronger cities such as London, Paris, Berlin, and Stockholm."
According to Knight Frank data released earlier this month, office space in London's West End surpassed Tokyo as the most expensive in the world in 2010.
Knight Frank's Global Real Estate Markets Annual Review & Outlook 2011, which examines current circumstances in commercial real estate markets around the world and surveys office rental levels in 105 foreign markets, reported the results.
In December, Europe had 891 new hotels under construction.
According to the STR Global Construction Pipeline Report from December 2011, the European hotel development pipeline has 891 hotels with a total capacity of 143,484 rooms.
The United Kingdom had the most rooms under construction in the region as of December, with 11,687 rooms.
Russia (8,066 rooms), Turkey (5,227 rooms), Germany (4,969 rooms), and Italy (4,969 rooms) are the four other countries with considerable numbers of rooms under development (3,129 rooms).