Global prime office rents fell by an average of 4.25% in 2008, according to Knight Frank's Global Real Estate Markets Review and Outlook 2009. Knight Frank noted the strongest declines were in Europe, where rents fell by 12% on average and two-thirds of the continent's major office markets experienced negative growth. Several European markets have continued to see rents fall in the first quarter of 2009, including London and Moscow, which recorded two of the largest declines in 2008.
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