As Sigrid Zialcita, Managing Director, Research , Asia Pacific, explains, “Even though a number of countries will remain in recession through the first half of 2013, modest positive growth is forecast for the region overall. As well, the sluggish “average” of the region will hide some stronger areas of regional and sector growth.

For the office sector, sustained job gains will underpin steady improvement in leasing activity well into 2013, albeit strong increases are less likely. Grade A rents still have room to grow in most cities – with new records likely to be set in Shanghai, Beijing and Jakarta. A soft landing in China will also reinforce a growth slowdown in the region as it has evolved into a vital source of export demand for most Asian economies.

As David Hutchings, Partner and Head of the European Research Group, explains: “Europe’s problems are clearly deep and long lasting, but they are not universal across all markets and, while there is a long road left to travel and plenty of room for unpleasant surprises along the way, the first building blocks of a sustainable solution appear to have been put in place.

As David points out, “If we are right in our reading of the economy, the implications for the property market will be varied, with many occupiers remaining defensive, but some acting or preparing to release pent-up demand as confidence improves.”

Listen to Maria Sicola, Executive Managing Director, Americas Research, explain why 2013 will be a transition year for the Americas, marked by modest to strong growth. While most of next year will be dominated by economic uncertainty, the underlying health of the regional economies will emerge as the fog lifts later the year, and drives growth higher.

For the real estate sector, 2013 may spell another pause in much of North America, while Central and South America will continue to grow at a healthy pace, but the stage has been set for strong regional growth in 2014 and beyond.