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The Global View for 2012
by Nick Axford, Head of Research, Asia Pacific, Peter Damesick,
EMEA Chief Economist, Asieh Mansour, Head of Research, Americas,
Raymond Torto, Global Chief Economist
Macro-economic and political landscape uncertainty across the world suggests that a cautious outlook in local property markets is likely to persist into 2012. While 2011 is in the past, many of its challenges continue.
Corporate occupiers in 2012 will continue to exercise caution in their decisions, and demand for space will remain moderate. Investors in Europe and the United States will therefore tend to adopt more defensive strategies, focusing on high-quality buildings in prime locations within the most liquid and transparent markets..
Asia has not decoupled: Occupiers and investors are becoming more cautious in many markets across Asia due to slowing economic growth in China and concerns about the global impact of the economic slowdown in Europe and sluggish growth in the U.S.
High-quality real estate assets in prime locations should continue to perform well compared to secondary real estate, and very competitively with regard to other asset classes. From an investment point of view, secondary property will continue to underperform.
A lack of new construction in many markets globally will boost the performance of existing prime properties.
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