Global office rents and values were largely unchanged across quarter three of 2012, according to CBRE.
CBRE’s statistics show capital values ticked up 0.6%, while rents edged down 0.07%.
Gains in America were offset by weaknesses in Europe, the Middle East and Africa (EMEA) and Asia-Pacific.
“Commercial real estate investors and occupiers turned more cautious in response to political, fiscal and economic uncertainty,” says CBRE global chief economist Raymond Torto.
“Despite this, office rents and values have held their ground as both the leasing and value indices remain above year ago levels.”
The Americas had the strongest quarterly and yearly gains, reflecting the strength of the US and rising prices in Latin America and Canada, according to CBRE. The rent index rose 0.3% over the quarter and 2.9% over the year.
EMEA had a decline in capital values over the quarter with figure of 110, staying flat over last eight quarters. The EMEA index reached a peak in 2007 at about 130 and a trough of 100 in 2009.
Asia-Pacific was the only region where the capital value index rose above the 2007 peak level. The region experienced a recovery from mid-2010, which has stalled in the face of reduced export opportunities to Europe and the US.
Rents for EMEA and Asia-Pacific were down over the quarter and flat over the year.
The countries that bucked the trend include Germany, Poland, Norway, and Finland in Europe all performing strongly, as well as Taipei and Manila in Asia.