Research, Q1 2020

Global Occupier Market Dashboard

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Key Market Indicators for Office Occupiers

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ATLANTA BALTIMORE

BOSTON

TORONTO CHICAGO (CBD)

DALLAS

DENVER

HOUSTON

LOS ANGELES

MINNEAPOLIS

NORTHERN NEW JERSEYNEW YORK CITY (MANHATTAN)

ORANGE COUNTY, CALIFORNIA

PHOENIX

SEATTLE

SILICON VALLEY (SOUTH BAY)

SOUTH FLORIDA

NAIROBI

KAMPALA

HARARE

LUSAKA

ACCRA LAGOS

CAIRO

GABORONEJOHANNESBURG

CAPE TOWN

WASHINGTON, DC

BRISBANE

MELBOURNE

PERTHSYDNEY

PHNOM PENHMANILA

BEIJING

GUANGZHOU

SHANGHAI

HONG KONG

MUMBAI

NEW DELHIDOHA

MUSCAT

ABU DHABI

RIYADH

JEDDAH

JAKARTA

TOKYO

KUALA LUMPUR

BENGALURU

SINGAPORE

SEOUL

TAIPEI

BANGKOK

PHILADELPHIA

ST LOUIS

SAN FRANSISCO

DUBAI

MANAMAKUWAIT

BUENOS AIRES

SAO PAULO

MEXICO CITY

RIO DE JAINERO

WELLINGTON

AUCKLAND

HONG KONG

BRUSSELSWARSAW

MOSCOW

ZURICH

DUBLINAMSTERDAM

LONDON (CITY)

LONDON (WEST END)

BUCHAREST

MADRID

BARCELONA

BUDAPEST

VIENNA

PRAGUE

MILAN

GENEVA

PARIS

MUNICH

BERLIN

BRUSSELS

MARKET PENDULUM

LANDLORDBALANCED

TENANT

2021

LANDLORD

BALANCED

TENANT

2020

G L O B A L M A R K E T P E N D U L U M Q 1 2 0 2 0

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 1 2 0 2 0

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 32.21 39.02

B E LG I U M Brussels 33.00 40.00

C Z E C H R E P U B L I C Prague 28.00 40.00

F R A N C E Paris 90.00 100.00

G E R M A N Y B e r l i n 49.00 54.00

G E R M A N Y M u n i c h 47.00 51.00

H U N G A RY Budapest 27.00 40.00

I TA LY Milan 62.00 67.00

N E T H E R L A N D S Amsterdam 49.00 57.00

P O L A N D Warsaw 31.00 43.00

R E P U B L I C O F I R E L A N D Dublin 69.00 85.00

R O M A N I A Bucharest 22.00 27.00

R U S S I A Moscow 74.00 85.00

S PA I N Barcelona 35.00 44.00

S PA I N Madrid 40.00 46.00

S W I T Z E R L A N D Geneva 67.00 72.00

S W I T Z E R L A N D Zurich 77.00 81.00

U N I T E D K I N G D O M London (City) 90.30 141.77

U N I T E D K I N G D O M London (West End) 143.23 225.49

A M E R I C A SCOUNTRY / TERRITORY MARKET PRIME RENT

(USD / SQ FT/ PA)TOTAL OCCUPANCY COST1

(USD / SQ FT / PA)

U N I T E D S TAT E S Atlanta 31.00 44.00

U N I T E D S TAT E S Baltimore 15.87 29.87

U N I T E D S TAT E S Boston 51.47 77.52

U N I T E D S TAT E S Chicago (CBD) 34.50 57.66

U N I T E D S TAT E S Dallas 35.62 49.55

U N I T E D S TAT E S Denver 31.00 56.19

U N I T E D S TAT E S Houston 34.25 51.75

U N I T E D S TAT E S Los Angeles 32.83 49.62

U N I T E D S TAT E S Minneapolis 20.55 36.18

U N I T E D S TAT E S New York City (Manhattan) 130.85 170.85

U N I T E D S TAT E S Northern New Jersey 22.91 33.91

U N I T E D S TAT E S Orange County, California 27.10 40.80

U N I T E D S TAT E S Philadelphia 33.61 46.74

U N I T E D S TAT E S Phoenix 27.40 38.01

U N I T E D S TAT E S San Francisco 108.00 129.50

U N I T E D S TAT E S Seattle 4 7. 5 3 63.97

U N I T E D S TAT E S Silicon Valley (South Bay) 82.94 105.14

U N I T E D S TAT E S South Florida 47.00 63.00

U N I T E D S TAT E S St. Louis 29.02 42.36

U N I T E D S TAT E S Washington, DC 41.18 73.18

M E X I C O Mexico City 41.25 54.03

A R G E N T I N A Buenos Aires 32.80 37.50

B R A Z I L Sao Paulo 22.03 30.07

B R A Z I L Rio De Janerio 17.98 21.79

C A N A DA Toronto 39.89 57.12

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 2020.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

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 34.46 44.04A U S T R A L I A Melbourne 40.39 49.75A U S T R A L I A Perth 35.31 45.41A U S T R A L I A Sydney 67.83 79.01C A M B O D I A Phnom Peh 26.57 34.66

C H I N A Beijing 54.75 81.17C H I N A Guangzhou 30.12 51.09C H I N A Shanghai 43.11 65.98

H O N G KO N G Hong Kong 202.82 209.49I N D I A Bengaluru 21.50 27.86I N D I A Mumbai 48.80 55.2I N D I A New Delhi 54.10 60.49

I N D O N E S I A Jakarta 22.71 28.43J A PA N Tokyo 100.51 127.18

M A L AY S I A Kuala Lumpur 16.44 19.78N E W Z E A L A N D Auckland 41.00 52.95N E W Z E A L A N D Wellington 29.00 40.00

P H I L I P P I N E S Manila 24.47 28.32S I N G A P O R E Singapore 87.70 100.92

S O U T H KO R E A Seoul 31.48 77.13TA I WA N Taipei 31.52 48.03

T H A I L A N D Bangkok 38.57 42.83

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 2020. 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 2020 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 1203colin.fitzgerald@knightfrank.com

Joey Vlasto Partner, North America +1 64 6441 3738 jvlasto@ngkf.com

Research

Dr Lee Elliott Partner, Head of Global Occupier Research +44 20 7861 5008 lee.elliott@knightfrank.com

William Beardmore-GrayPartner, Global+44 20 7861 1308william.beardmore-gray@knightfrank.com

Tim ArmstrongPartner, APAC+65 6429 3531tim.armstrong@asia.knightfrank.com

Occupier Services & Commercial Agency

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 20.75 23.24B OT S WA N A Gaborone 10.00 12.07

E GY P T Cairo 39.00 40.58G H A N A Accra 37.90 41.02K E N YA Nairobi 18.00 25.22

K U WA I T Kuwait City 51.34 68.45N I G E R I A Lagos 74.32 96.60

O M A N Muscat 16.79 18.81Q ATA R Doha 35.70 49.48

S A U D I A R A B I A Jeddah 36.17 40.51S A U D I A R A B I A Riyadh 25.86 28.45S O U T H A F R I C A Cape Town CBD 18.18 19.67S O U T H A F R I C A Johannesburg Sandton 18.60 20.28

U A E Abu Dhabi 57.03 67.38U A E Dubai 41.39 47.72

U G A N DA Kampala 17.84 25.64Z A M B I A Lusaka 20.00 23.40

Z I M B A B W E Harare 8.90 15.16