For office markets around the world, 2011 began strongly with robust leasing activity outpacing 2010 figures by up to 30%. Despite tepid employment growth, the pent-up demand from corporations was evident as leasing was on pace to break records.
As occupiers regrouped following the recession and began to make location decisions, the flight to quality became a strong trend. In US markets, class A leasing primarily in central areas accounted for 80% of all activity through the first nine months of the year, and this trend was also in play in many other countries.
However, apprehension arising from the Eurozone sovereign debt crisis and US deficit transformed into pervasive uncertainty by the third quarter, dramatically slowing office performance as business adopted a wait-and-see position.
Source : Cushman & Wakefield