Global Occupier Markets: Prime Office Costs – Q2 2026

Prime office markets remain characterised by a flight to quality. Organisations continue to prioritise premium offices, concentrating demand on the best buildings in the most desirable locations. This is particularly evident in markets such as Singapore, London City and Seoul, where limited availability of best-in-class space and resilient demand continue to place upward pressure on costs.

Some markets, however, are witnessing a slowing pace of occupier cost growth for best-in-class offices. Markets such as Madrid are seeing improved availability as new developments and refurbishments complete, creating opportunities for businesses to access high-quality space amid more moderating cost rises. This reinforces the importance of understanding local supply dynamics alongside headline rental trends when making real estate decisions.

Another key theme is the growing influence of AI and technology occupiers. In cities such as San Francisco, London and Shenzhen, demand from AI firms is rapidly absorbing high-quality space and intensifying competition for the most desirable offices.

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