A new report from CBRE, says the rising cost of leasing prime office space accelerated across the globe due to continued economic growth, job gains and limited availability of prime space in certain markets. Of the 122 markets tracked by CBRE, 85 registered cost increases.
CBRE defines Prime Office Occupancy Costs as the cost – rent, local taxes and service charges – to occupy the highest quality office space in each market’s highest-quality location. Prime real estate costs can be a gauge of a market’s high end – and sometimes of the broader market. In Nigeria office markets, the rentals of grade A office spaces have remained stable. While average rents for new commercial developments still hovers between $600-$700 per square metre.
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