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Rents contineud to fall in the first quarter of 2009 across the EMEA region, according to the latest results of CBRE´s Rent and Yield Indices. The CB Richard Ellis office rent index for the EU-15 area fell by 3.4% in the quarter, taking the year-on-year rate of growth to -4.1%.

28 of the 48 locations in the survey saw prime rent falls, one location increased and 19 remained unchanged. The largest falls occurred in Kiev (down 33% to EUR 357 per m² per annum) and Moscow (down 20% to EUR 918 per m² per annum). The only increase was in Zagreb, where rents increased by 0.8% to EUR 211 per m² per annum.

In the retail sector, CBRE's rent index for the EU-15 area fell by 1.3% in the quarter, taking the year-on-year rate of growth to 0.6% Only one location in the survey saw an increase in the level of prime rent, 13 declined and 29 remained unchanged. The largest falls were recorded in Warsaw (down 33% to EUR 960 per m² per annum) and Bucharest (down 30% to EUR 1,080 per m² per annum). The single increase occurred in Birmingham, where rents increased by 9% to EUR 1,669 per m² per annum.

Industrial rents fell by 2.2% in the quarter, taking the year-on-year rate of growth to -4.6%. 24 of the 43 locations in the survey saw the level of prime rent remaining stable, 18 declined and only one location saw an increase. The largest falls were in Dubai (down 33% to EUR 67 per m² per annum) and Kiev (down 22% to EUR 64 per m² per annum). The single increase occurred in The Hague, where rents increased by 8.3% to EUR 65 per m² per annum.

According to CBRE's office yield index for the EU-15 area, yields rose by 19 basis points in the quarter, or 107 basis points higher than a year ago. 34 of the 49 locations in the survey saw upward yield movements, two saw yields move lower and 13 remained unchanged. The largest rise occurred in Moscow with yields moving 150 basis points higher to 11.5%, with Sofia, Zagreb, Budapest, Bucharest and Belgrade each seeing increases of 100 basis points. Running counter to the general upward trend, there were yield reductions of 15 basis points in Manchester and Birmingham, taking both to 7.5%.

The CB Richard Ellis retail yield index for the EU-15 area rose by 24 basis points in the quarter, and as a result is 98 basis points higher than it was a year ago. 30 of the 42 locations in the survey saw upward yield movements, 12 remained unchanged and there were no reductions. The largest rises occurred in Bucharest (300 basis points) and Moscow (150 basis points), leaving both at 11.5%.