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Global office demand is proving resilient in many of the world’s dominant commercial real estate markets despite increased political and economic uncertainty leading to corporate occupiers striking a more cautious tone. Office supply continues to tighten on the back of a shallow development cycle, resulting in continued upward momentum in aggregate rental growth. Rents on prime office assets across the 110 major markets covered by the JLL Global Office Index increased by 3.6% year-on-year in Q2, the fastest pace of annual growth in four years. Quarter-onquarter, rents rose by 0.8% compared to 0.6% in Q1 2016. Economic uncertainty and continued political risks are likely to dampen leasing volume growth over the remainder of the year, with global leasing volumes in 2016 projected to be around 5% lower than 2015. Nonetheless, underlying market fundamentals are sound and corporate demand is holding up well, notably in the United States and continental Europe. Supply constraints will continue to drive rental increases, although at a reduced pace, and JLL forecasts prime rental growth of around 2%-3% for the full-year 2016.
Keywords: JLL, Q2 2016, office
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