CB Hillier Parker surveyed office rents in 37 centres across Europe and found that Birmingham was the only centre to register an increase--of 3.8%--over the quarter. Looking further afield, the Middle east region has been badly hit by the threat of war, with rents in Dubai falling 11.8% in just three months making it the quarter's worst performer.
The larger-then-expected falls in office rents has led CBHP to revise its rental forecast. Until now it has been predicting a 7% fall in average European office rents during 2002, but it now says this looks optimistic.
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