Market for commercial properties to pay for the tenants of office areas in Europe, the Middle East and Africa, but many are increasingly embracing a strategy of waiting for the employment report shows conditions in these areas during the third quarter, prepared by Jones Lang LaSalle.
In some markets even registered a decline in rents. Among them are London City and West End, Brussels, Zurich and Almaty, Kazakhstan. Rent a hot area in the most expensive area, West End, have decreased by 4.3 percent in the second quarter, in the City by another 1.6 percent after the first quarter recorded a fall of almost 4 percent. In Brussels, rents have decreased by 3.4 percent, while in Almaty by 2.2 percent.

Rents in other markets such as Barcelona, Casablanca, Dublin, Madrid and Riga almost peaked. This will encourage tenants there continue to wait.

“Although the area Class A remained scarce, the proportion of unemployment in the region rose,” said Tom Bayn-Zhardin of Jones Lang LaSalle.

“At the same time the rate of increase in rents in the region are constantly delayed, as rents in some markets even shift their movement. This is happening at a time when confidence declines sharply tenants and their willingness to hire new areas also decreased . There are some possibilities of some of the markets, but if they are not forced to change tenants are and will be ever more cautious. The competition area and volume of transactions concluded in the region during the last three months have remained stable, but Not impressive, “he explains.

From the 50-market included in the survey, 31 are expected to register a fall or remain stable rent until the second half of 2009 to present. About 62 percent of Western markets are expected to turn in favor of tenants during this period. They have estimated 66 percent of markets in Central and Eastern Europe. In the region of the Middle East and Africa 55 percent of the market will register these changes.

Analysts from 12 of a total of 29 western European markets included in the study indicate the prospect of the downturn in the market in terms of competition for land next year. 16 other market they expected the situation to remain unchanged. Only one of the Western markets, Luxembourg, is projected potential increase in competition among tenants by mid-2009

“Observed is a clear change in the nature of the rental activity in the region. Most of the rental activity in the markets in Western Europe is exercised by existing or local tenants,” said Lee Elliot by the same company.

Local tenants often take advantage of the suspension or expiry of the contract of hire, to move into more modern offices and other markets. “Such practices are a major feature rent markets during the remainder of the year in 2009,” said Elliot.

In Central and Eastern Europe demand appears flexible, but these markets driven by companies outsourcing services may be affected by a decline in demand if wages and the volatility of exchange rates continue to affect the efficient allocation of costs. Markets of the Middle East and Africa will also show flexibility if the energy sector maintained its strong position.

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