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LONDON-Rental growth has all but ceased in the major European business centres, according to new research from Atis Real Weatheralls. The agent studied 12 major centres and found that only three have seen any rental growth over the last nine months – Brussels, Madrid and Milan. And of these, Milan is the only centre expected to see rental rates growing over the next 12-18 months.

Peter MacFarlane, International Director at Atis Real Weatheralls, said the majority of European office markets had slowed even well before the terrorist attacks on 11 September.

‘The slow-down in the markets comes after a time of unparalleled rental increases across most of the continent,’ he said. ‘The main cause has been the dramatic decrease in activities from the TMT sector, and the overall effect of the slowing world economy.’

While the research is based on space in the main central business districts, there has also been a significant knock-on effect on the fringe regions, where rents had grown rapidly on the back of demand from technology companies which has now evaporated.

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