Test Essay

12855 WordsFeb 12, 201252 Pages
Research GLOBAL REAL ESTATE MARKETS Annual review & outlook 2011 Highlights • Globally, commercial property markets are in the midst of a multi-speed recovery. While considerable variations remain between markets, the improvement of the world economy in 2010 helped to boost demand for office space in most cities, and a growing number have seen rents rise and vacancy rates fall. In many markets, particularly in North America and Europe, this process has been aided by a sharp slowing of development completions. • Rental growth has been led by the world’s major financial centres, with office rents rising in cities such as London, New York, Hong Kong and Singapore. In contrast, rents continue to come under downward pressure in a smaller group of markets, including Los Angeles, Madrid, Seoul and Dubai, where the economic outlook remains uncertain or availability is high. • Improved investor confidence helped transactional activity to increase across all global regions in 2010. Investment volumes are likely to rise further in 2011, albeit remaining well below pre-downturn levels. 2011 GLOBAL REAL ESTATE MARKETS Annual review & outlook www.knightfrank.com Contents Europe North America Middle East Africa Asia-Pacific Global office rents 4 12 22 24 26 29 3 2011 GLOBAL REAL ESTATE MARKETS Annual review & outlook Europe European Union GDP grew by an estimated 1.8% in 2010, having contracted by 4.2% in 2009. The economic recovery has not been smooth and growth was weaker in the second half of the year than in the first half of 2010. Growth has been led by Germany, which saw GDP rise by 3.6% in 2010 as the country’s manufacturing and export-based economy benefitted from improvements in global trade. Other countries have lagged behind, most notably Greece, Ireland, Portugal and Spain, where unemployment remains high and concerns over sovereign

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