In the last 12 months, the pandemic has brought office rent and capital value down by 2-3% and worsened the declines in retail indices. Meanwhile, industrial received a boost particularly on capital value growth.
Office rent and capital value continued to grow in EMEA over the last quarter. Office capital value stopped falling in the Americas, reversing a three-quarter trend but office rent dropped further. Declines in office rent and capital value continued at slightly lower paces in APAC.
Industrial rent edged up across all three regions and capital value showed robust growth.
Retail rent grew 2.4% in the Americas, the first time since Q4 2017. This was driven by early recoveries in Los Angeles, Washington, D.C. and Mexico City. Declines in the Asia Pacific and EMEA have also slowed, showing some positive signs as the global economy gains a solid footing. The capital value index followed a similar trend to rent, with slight easing of the decreases but awaiting further normalization.