Asking rents across nine of twenty Tier 1 cities have stopped softening but concession packages remain elevated.

  • Headline asking rents stabilised in 9 of 20 Tier 1 cities tracked.
  • Rent-free concessions still 2–4 months above pre-2024 norms in EMEA gateway markets.
  • APAC core CBDs (Singapore, Tokyo, Hong Kong) are tightening fastest on trophy stock.
  • Class A vs Class B spread has widened in 14 of 20 markets year-on-year.

Q2 2026 — Tier 1 Class A rent cycle is mid-correction

Asking rents across nine of twenty Tier 1 cities have stopped softening but concession packages remain elevated.

TL;DR

  • Headline asking rents stabilised in 9 of 20 Tier 1 cities tracked.
  • Rent-free concessions still 2–4 months above pre-2024 norms in EMEA gateway markets.
  • APAC core CBDs (Singapore, Tokyo, Hong Kong) are tightening fastest on trophy stock.
  • Class A vs Class B spread has widened in 14 of 20 markets year-on-year.

What changed this quarter

Class A Atlas tracks asking rent and concession data across the twenty Tier 1 cities in our editorial coverage. As of the Q2 2026 cut, asking rents have stabilised in 9 of those 20 markets — including London City, New York Midtown, San Francisco SoMa, and Sydney CBD — but concession packages remain elevated. The narrative has shifted from price discovery to landlord-funded incentives.

Where the cycle is tightest

Singapore Marina Bay, Tokyo Marunouchi, and Hong Kong Central are leading the next leg of the cycle, with vacancy on trophy floors below 4% and rent-free durations contracting back toward pre-2023 norms. Occupiers targeting these submarkets should expect single-digit-month rent-free packages and minimal landlord contribution to fit-out">fit-out beyond Cat A.

What occupiers should do

Run the Class A Atlas Office Index against your shortlist before re-opening renewal negotiations. Effective rent — not headline asking rent — remains the right benchmark for any deal closing in the next two quarters.

Cities discussed