The cost to occupiers of taking space in the world’s best prime office buildings rose 0.7 percent during first quarter 2026, according to Savills latest Prime Office Costs report, bringing total cost increases for occupiers to 5 percent during the past 12 months, and 9.1 percent during the past two years. Savills says 23 of the 47 global cities it monitors saw net effective “all-in” occupier costs (gross rent plus fit-out costs) increase in first quarter. Regionally, costs in EMEA rose by 1 percent, in North America by 0.7 percent, and in Asia Pacific by 0.4 percent.
The international real estate adviser said the biggest quarterly increases were recorded in Tokyo and New York City’s Midtown Manhattan, which saw costs rise 12.7 percent and 4.2 percent, respectively, in the first quarter. Both markets experienced considerable demand for a very limited pipeline of best-in-class space; leasing activity in Manhattan overall reached 12 million square feet in first
