August 21, 2019
Despite a weak international economic outlook and diminishing business confidence, worldwide demand remains high for office space. According to Avison Young’s Mid-Year 2019 Global Office Market report, “a robust labour market in the world’s largest economies continues to underpin demand for office space.”
Avison Young analysts noted that, among the 70 office markets in eight countries, demand continues to be driven by the knowledge economy, while the co-working concept continues to expand. This, in turn, is “forcing traditional landlords to adapt their offering in order to best accommodate existing and potential occupiers,” researchers with the Toronto-based Avison Young said.
Mark E. Rose, the company’s chairman and CEO, pointed to significant development in urban areas of international major metropolitan markets. “The large development pipeline is being more than offset by robust demand,” he added. “This situation is particular true for good-quality Class A space, with pre-leasing levels at historic highs.”
Pictured: Generic Office
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