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The global market turned a corner in 2013, with investment activity and values picking up as recessions ended, business sentiment rallied and increased liquidity lapped the shoreline of most global markets. Indeed, the final quarter was buoyant, delivering an annual total of USD1.18 tn, a 22.6% rise on 2012. This was the highest global total since 2007 and helped to push prime yields back down to pre-crisis levels. Growing levels of optimism and activity have their roots in a belief that the global economy is set for calmer waters and financial imbalances are on the mend. This view may have tempered somewhat this year as tapering got underway and political instability increased, but in 2013 it led to an increase in risk appetites, manifesting in a push to invest across borders, a move towards second tier assets and a narrowing in the prime to secondary yield gap.
Source : Cushman & Wakefield
