Higher demand for office space in Latin America and the Asia Pacific region is being driven by strong economic growth in the world’s emerging markets, according to CB Richard Ellis’ (CBRE) latest Global Office Market View.

During the course of 2010, 43 million sq ft (4 million m2), or 46% of newly developed office space across the world was in Asia. In 2011, CBRE expects that nearly 55 million sq ft of new office developments will take place in Asia, 62% of the global total.

‘Global economic sentiment is upbeat, due in part to subsiding worry of a double-dip recession and ongoing news of strengthened growth in many of the world’s emerging markets, including Latin America and Asia Pacific,’ said Andrew Hallissey, Head of Client Solutions, Global Corporate Services, CBRE:

‘We have experienced a surge in demand for prime office space from multinational companies with an increased desire to manage their global real estate operations strategically, in locations where strong growth and promising economic markets exist. In doing so, a trend for increased global office development has arisen in emerging markets.’