When we last issued Global Market Perspective in November 2011, adverse business and investor sentiment were driving the global real estate markets, and we signalled our concerns about a potentially weaker final quarter and a more challenging environment for 2012. Three months on, the downside risks still persist, but Q4 2011 data-points have turned out to be much better than anticipated. Anecdotal evidence of real estate activity in early 2012 indicates that most major global markets are holding firm and making steady progress through this period of economic uncertainty. Some markets are clearly softening yet, equally so, others are showing remarkable resilience.
Expectations for 2012 have been tempered but, barring significant financial system shocks, commercial real estate investment and leasing volumes are likely to be maintained at 2011 levels.
Source : Jones Lang LaSalle