Capital values have increased in the Americas and globally, according to CB Richard Ellis’ new Global Market View report covering the first quarter of 2011, released today. The CBRE Global Office Capital Value index increased 12 percent year-over-year in the first quarter of 2011 with values in the Americas’ major markets such as New York, Washington, DC, and San Francisco mainly on the rise.

In the first quarter alone, commercial mortgage-backed securities issuance for the Americas almost reached the level recorded for the entirety of 2010. While the majority of transactions occurring are domestic, cross-border transactions in the region in the first quarter show strong growth, with a 50.3 percent year-over-year increase, the vast majority taking place in the United States.

However, interest rates in the Americas remain abnormally low and employment levels remain a major cause for concern, meaning recovery is still fragile, the report says. TRD [more]

Midtown leads North America in office occupancy costs, at $66.59 per square foot, according to data released today by CB Richard Ellis Group, which tracked occupancy costs for prime office space in 175 cities around the globe. While office occupancy costs in Midtown are high for North America, that market ranked just 26th globally. North American markets, for the most part, have not seen occupancy costs begin to recover yet. New York, the largest office market in the U.S., saw occupancy costs decline by 7.6 percent Downtown and 4.5 percent in Midtown. “Major markets in emerging economies feature prominently at the top of the list of most expensive office costs as measured in dollars per square foot,” said Raymond Torto, CBRE’s global chief economist. “This pattern developed just a few years ago and it is more pronounced today.” London’s West End continues to be the world’s most expensive office market, according to the CBRE data. Hong Kong’s Central Business District ranked second, followed by Tokyo, Mumbai and Moscow. Click here for the full list. TRD

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