Our update compares rent growth from 2008 to 2022 in primary office and industrial markets. Rent growth is expressed as an annual percentage increase or decrease based on local currency denominated rents to remove the impact of exchange rates. Rental rates have climbed at least 25% since 2008 in 21 of 47 office markets and 32 of 44 industrial markets.
Historical Rent Peak Analysis
OCCUPIER SERVICES
Colliers.com Global Occupier Guide Download Report
APAC
EMEA
AMERICAS
CAGR Rent Growth Breakdown by Region/Market (Q4 2019 - Q2 2022)
Top 3 Office Markets Worldwide for Rent Growth
2008-2022
Toronto
Canada
111%
CAN
25% Growth
21 of 47 Markets
10% Growth
34 of 47 Markets
OFFICE | Q4 2019 - Q2 2022
KEY DATA POINTS
Colliers.com Global Occupier Guide Download Report
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A Global Look across more than 40 markets –
Buenos Aires
China
108%
LATAM
Berlin
Australia
98%
EMEA
Toronto
Canada
178%
CAN
Buenos Aires
China
221%
LATAM
Inland Empire
China
266%
AMER
Top 3 Industrial Markets Worldwide for Rent Growth
2008-2022
25% Growth
32 of 44 Markets
10% Growth
40 of 44 Markets
INDUSTRIAL | Q4 2019 - Q2 2022
Office
Office Rental Growth/Change % (CAGR) - US$
Canada
Industrial
U.s.
Office
U.s.
Industrial
Canada
Office
LATAM
Industrial
LATAM
Industrial
EMEA
Office
EMEA
Industrial
APAC
Office
APAC
APAC
EMEA
AMERICAS
Historical Equivalent Office Rents Expressed in US$/sqft/yr
Industrial
LATAM
Office
LATAM
Industrial
Canada
Office
Canada
Industrial
U.s.
Office
U.s.
Q2 2022
Q4 2019
Q4 2008
Rental Growth Change
-0.9%
Washington D.C.
-0.5%
Seattle
1.1%
San Francisco
-0.4%
Manhattan
-5.7%
Los Angeles
0.0%
Houston
1.7%
Dallas
0.6%
Chicago
-1.1%
Boston
0.9%
Atlanta
Atlanta
Boston
Chicago
Dallas
Houston
Los Angeles
Manhattan
San
Francisco
Seattle
Washington D.C.
Class A CBD - US$/sqft/yr
Historical Equivalent Office Rents
Rental Growth Change
10.5%
Phoenix
15.2%
Philadelphia
13.7%
Northern
New Jersey
27.6%
Los Angeles
34.5%
Inland Empire
4.8%
Houston
2.5%
Dallas
1.9%
Chicago
17.6%
Central
New Jersey
8.5%
Atlanta
Atlanta
Central
New Jersey
Chicago
Dallas
Houston
Inland
Empire
Los Angeles
Northern
New Jersey
Philadelphia
Phoenix
Prime Logistic/Distributon - US$/sqft/yr
Historical Equivalent Industrial Rents
Rental Growth Change
-2.4%
Winnipeg
2.7%
Victoria
1.5%
Vancouver
-2.7%
Toronto
-3%
Saskatoon
-1.3%
Regina
0.3%
Ottawa
0.1%
Montreal
10.1%
Kitchener/
Waterloo
-1.5%
Halifax
-3.5%
Edmonton
-0.7%
Calgary
Winnipeg
Victoria
Vancouver
Toronto
Saskatoon
Regina
Ottawa
Montreal
Kitchener/
Waterloo
Halifax
Edmonton
Calgary
Class A CBD - US$/sqft/yr
Historical Equivalent Office Rents
Rental Growth Change
0.7%
Lima
-6.5%
Panama City
-1.4%
Mexico City
-2.7%
San Jose
-7.8%
Bogota
0.7%
Santiago
7.4%
Sao Paulo
-2.1%
Rio de Janeiro
-3.6%
Buenos Aires
Buenos Aires
Rio de Janeiro
Sao Paulo
Santiago
Bogota
San Jose
Mexico City
Panama City
Lima
Class A CBD - US$/sqft/yr
Historical Equivalent Office Rents
Rental Growth Change
-6.2%
Lima
-1%
Panama City
4.1%
Mexico City
0.6%
San Jose
-3.6%
Bogota
16.7%
Santiago
8%
Sao Paulo
-0.3%
Rio de Janeiro
2.8%
Buenos Aires
Buenos Aires
Rio de Janeiro
Sao Paulo
Santiago
Bogota
San Jose
Mexico City
Panama City
Lima
Prime Logistic/Distributon - US$/sqft/yr
Historical Equivalent Industrial Rents
Rental Growth Change
6.7%
Winnipeg
30.9%
Victoria
18.1%
Vancouver
20.8%
Toronto
8.4%
Ottawa
31.6%
Montreal
18.0%
Kitchener/
Waterloo
11.5%
Halifax
-6%
Edmonton
10.3%
Calgary
Prime Logistic/Distributon - US$/sqft/yr
Historical Equivalent Industrial Rents
Industrial
EMEA
Office
EMEA
Rental Growth Change
-1.1%
London
-3.2%
Stockholm
-6.4%
Madrid
-3.1%
Warsaw
-1.4%
Amsterdam
-0.5%
Milan
-1.7%
Munich
1.4%
Hamburg
-2.7%
Frankfurt
2.0%
Berlin
2.1%
Paris
-0.6%
Helsinki
-1.1%
Copenhagen
Copenhagen
Helsinki
Paris
Berlin
Frankfurt
Hamburg
Munich
Milan
Amsterdam
Warsaw
Madrid
Stockholm
London
Class A CBD - US$/sqft/yr
Historical Equivalent Office Rents
Rental Growth Change
4.6%
London
-2.1%
Stockholm
-0.3%
Madrid
2.6%
Warsaw
-3.1%
Amsterdam
-0.3%
Milan
-0.7%
Munich
-0.1%
Hamburg
1.5%
Frankfurt
2.4%
Berlin
0.3%
Paris
5.2%
Helsinki
-1.5%
Copenhagen
Copenhagen
Helsinki
Paris
Berlin
Frankfurt
Hamburg
Munich
Milan
Amsterdam
Warsaw
Madrid
Stockholm
London
Prime Logistic/Distributon - US$/sqft/yr
Historical Equivalent Industrial Rents
Industrial
APAC
Office
APAC
Rental Growth Change
-8.9%
Hong Kong
-1.9%
Singapore
3%
Seoul
-14.3%
Tokyo
-3.7%
Shenzhen
-3.7%
Shanghai
-1%
Guanghzou
-4.2%
Beijing
1.2%
Sydney
0.3%
Melbourne
Melbourne
Sydney
Beijing
Guanghzou
Shanghai
Shenzhen
Tokyo
Seoul
Singapore
Hong Kong
Class A CBD - US$/sqft/yr
Historical Equivalent Office Rents
Rental Growth Change
4.2%
Hong Kong
7.9%
Singapore
2.2%
Shenzhen
0.7%
Shanghai
3.6%
Guanghzou
1.1%
Beijing
5.7%
Sydney
6.5%
Melbourne
Melbourne
Sydney
Beijing
Guanghzou
Shanghai
Shenzhen
Singapore
Hong Kong
Prime Logistic/Distributon - US$/sqft/yr
Historical Equivalent Industrial Rents
Industrial Rental Growth/Change % (CAGR) - US$
Office Rental Growth/Change % (CAGR) - Local Currency Rate
Industrial Rental Growth/Change % (CAGR) - Local Currency Rate
Office Rental Growth/Change % (CAGR) - Local Currency Rate
Industrial Rental Growth/Change % (CAGR) - Local Currency Rate
Office Rental Growth/Change % (CAGR) - LCR
Industrial Rental Growth/Change % (CAGR) - LCR
Office Rental Growth/Change % (CAGR) - LCR
Industrial Rental Growth/Change % (CAGR) - LCR
NA – data not available
Demonstration of rent pricing at/around the two past “peaks” (2008 and 2019) compared to 2022 Q2.
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
Winnipeg
Victoria
Vancouver
Toronto
Saskatoon
Regina
Ottawa
Montreal
Kitchener/
Waterloo
Halifax
Edmonton
Calgary
4.1%
Saskatoon
0.8%
Regina
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 Q4 - 2022 Q2
2019 - 2022
2008 - 2019
2019 - 2022
2019 - 2022
2019 - 2022
2019 - 2022
2019 - 2022
2008 - 2019
2008 - 2019
2008 - 2019
2008 - 2019
2008 - 2019
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008
Q2 2022
Q4 2019
Q4 2008