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European Office Property Clock Q1 2011

Positive occupational markets point to increased rental growth
Prime rents grew modestly across Europe over Q1 2011 with the Jones Lang LaSalle’s European Office Rental Index up 1.5% over the quarter. This increase was almost entirely driven by continued rental growth in London’s West End (+4.6%) and Moscow (+17.6%) with Lyon (+4.2%) and Dusseldorf (+2.2%) being the only two other index markets to experience growth. 
Debt problems in Spain, Portugal and Ireland continued to be a drag on rents in these countries. Spain’s office markets recorded rental declines over the quarter (Madrid -0.9% and Barcelona -1.3%); rents remained stable in Dublin and Lisbon but we expect values to soften further in these cities before reaching the bottom of the cycle in 2012.

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