Prime rents have surged to a degree 17.9% larger than their pre-pandemic peak in Q3 2019. (Representative picture)
The rise in annual development had a justifiable share of contribution from Auckland which has proven a soar from 7.2% in Q2 to 13.1% in Q3.
According to Knight Frank’s Prime Global Rental Index, the common rental development within the ten cities into consideration has escalated, exhibiting an upward pattern that’s three and a half instances their lengthy-run pattern charge.
Prime rents have surged to a degree 17.9% larger than their pre-pandemic peak in Q3 2019.
Despite ongoing debates surrounding work-from-residence preparations and the challenges within the workplace sector in key cities, the expansion within the index confirms the underlying energy of demand for metropolis residing and the resilience of lodging necessities from staff in proximity to Central Business Districts (CBDs).
Sydney is the highest-ranked metropolis on Prime Global Rental Index, whose annual development went from 13.1% reported in Q2 2023 to 18.3% in Q3 2023.
Singapore and New York skilled a quarterly dip in hire, nevertheless rental traits for each the markets stay robust yearly.
The rise in annual development had a justifiable share of contribution from Auckland which has proven a soar from 7.2% in Q2 to 13.1% in Q3.
Annual rental development in Prime Central London stands at 11.2%, indicating a cooling pattern in demand and provide re-steadiness.
Liam Bailey, head of analysis, Knight Frank, stated, “While prime global rents continue to climb, with the Prime Global Rental Index strengthening to 7.9% year-on-year in September, slower growth in markets like New York and Singapore points to the likely direction of travel for big city markets – where, despite strong demand and weak supply, we are approaching affordability limits.”
