{"id":257347,"date":"2018-07-09T16:33:59","date_gmt":"2018-07-09T14:33:59","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=257347"},"modified":"2018-07-09T16:33:59","modified_gmt":"2018-07-09T14:33:59","slug":"this-south-african-city-has-seen-the-steepest-rise-in-office-space-costs-in-the-world","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/257347\/this-south-african-city-has-seen-the-steepest-rise-in-office-space-costs-in-the-world\/","title":{"rendered":"This South African city has seen the steepest rise in office space costs in the world"},"content":{"rendered":"
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Global growth has stimulated relatively robust leasing activity, particularly in Europe, the Middle East and Africa region, according to the latest Global Prime Office Occupancy Costs report, published by CBRE, a commercial property and real estate services adviser.<\/p>\n

As a result, prime office occupancy costs are growing at a faster rate than they were this time last year.<\/p>\n

Only the Americas has seen a slowdown, but this is small and it is still the region with the overall fastest annual increase in costs at 3.2%, CBRE said.<\/p>\n<\/div>\n

Hong Kong (Central) remains the most expensive location in the world, as it has been for the past two years. This is followed by London and Beijing.<\/p>\n

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Three of South Africa’s major cities feature in the report, namely, Cape Town, Johannesburg and Durban. The latter recorded the largest 12-month increase out of all major cities in the report.<\/p>\n

The dominant trend among the top-20 markets with rising prime occupancy costs is strong demand from the finance, technology, and e-commerce sectors.<\/p>\n

Momentum also is building in markets linked to resource-based economies, such as Canada, Norway and South Africa, the report said. “The market with the steepest rise, Durban, has also experienced strong demand from the business-process outsourcing companies,” the report said.<\/p>\n

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\"\"<\/a>Markets with declining prime office occupancy costs are mainly affected by supply\/demand imbalances due to newly completed buildings hitting the market, CBRE said. Among the cities which feature on the list is Joburg.<\/p>\n<\/div>\n

“Since reduced costs due to excess inventory is a relatively short-term event, companies looking for space in these markets should move quickly,” CBRE said.<\/p>\n

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\"\"<\/a>Prime office occupancy rates Q1 2018<\/strong><\/p>\n

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Read: These are the most expensive cities in South Africa<\/a><\/strong><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Global growth has stimulated relatively robust leasing activity, particularly in Europe, the Middle East and Africa region, according to the latest Global Prime Office Occupancy Costs report, published by CBRE, a commercial property and real estate services adviser.<\/p>\n","protected":false},"author":10,"featured_media":257369,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[13201,26],"class_list":["post-257347","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cbre","tag-headline"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/257347","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/10"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=257347"}],"version-history":[{"count":8,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/257347\/revisions"}],"predecessor-version":[{"id":257397,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/257347\/revisions\/257397"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/257369"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=257347"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=257347"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=257347"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}