DTZ Research has released its first ever Global Office Review, which shows subdued office rental growth around the world as a result of economic uncertainty.

“The global picture for the first half of this year is showing that most global corporations are waiting to see whether the global economic recovery will provide a sustained demand for their goods and services before they commit to expanding their office space,” says the report’s author, Milena Kuljanin.

The report looks at 90 office markets in the U.S., Asia Pacific region and Europe. It reveals the range of growth rates in the U.S. was much tighter than in European and Asian markets. New York’s growth rate was half that projected for London and Hong Kong.

Limited office rental growth was recorded in the U.S., even though most markets registered lower absorption levels in the first half of 2013, compared to the same period last year.

“The low absorption reflects caution and cost control amongst U.S. occupiers,” says John Wickes, DTZ’s head of Americas research.

The report forecasts there will be limited supply and job growth to offset the slow-down in tech take-up and increased space efficiency. The Asia Pacific region is expected to see the highest level of office rental growth over the next five years, while the average growth rate in the U.S. will be well below the 2.2 average that the report projects for growth globally.