Economic growth momentum continued to wane through the fourth quarter of 2011. Sluggish growth in developed economies, as well as threats of new financial chaos looming in Europe, continued to weaken the region’s manufacturing activity and dampen private spending and investments. Nonetheless, the Asia Pacific office market ended 2011 with a solid upturn in leasing activity. Rent growth was sustained in most markets and strengthening demand fueled flat to declining vacancies. In addition, investment volume for all property types was the highest globally for the third consecutive year. For 2012, Cushman & Wakefield expects softer office fundamentals, on the back of slow economic growth but no recession.