Largest quarterly rental falls were recorded in Moscow (-4.2%), Milan (-3.8%) and Paris (-3.1%). These were offset against rental increases in Lyon (+5.6%), Düsseldorf (+4.0%) and Munich (+1.6%). Nine markets now see prime rents below levels at the end of 2011, including Dublin (-6.3%), Madrid (-5.8%) and Milan (-5.7%). Rents in Paris have also softened by -7.2%. Over the year, eight Index markets saw prime rents increase led by Düsseldorf (+8.3%), Lyon (+5.6%) and Luxembourg (+5.3%).