As the epicenter of the decline, the US has been hit hardest, with Canada and Mexico feeling the consequences. However, it appears that much of South America will escape with slowdowns, not downturns. And there are other bright spots, thanks mainly to prudent construction strategies.
LISTEN to the Economic Pulse debrief by the report's author, Ken McCarthy, Managing Director, US Research Services.
For Asia, the best comparison is the 1997/1998 crisis when it took about two years for real estate returns to bounce back. The biggest problem is a lack of liquidity in the global financial system. However, Asian developers with deep pockets, private equity from the West and Middle East, pension funds and sovereign wealth funds are still interested in buying, with some on the lookout for distressed assets or a more fertile investment environment.
LISTEN to the Economic Pulse debrief by this report's author, Megan Walters, Chief Economist, Asia Pacific.
This slowdown rivals with the most serious at least since the oil shock of the 1970s, and, for some countries, we have to look further back to the late 1940s to find a larger fall. That does not mean, however, that it compares to the crises that followed the two World Wars or the Great Depression. Some countries could start to stabilize as early as the third quarter of 2009 as destocking ends, though most will not return to growth until the second half of 2010.
LISTEN to the Economic Pulse debrief by the report's author, David Hutchings, Head of European Research Group.
Five tactics for immediate, near-and long-term cost savings for corporate real estate portfolios are detailed in this briefing. Also identified are cost-containment strategies that support business objectives through real estate process redeployment.
More dealer closings and consolidations are inevitable as the global downturn intensifies and auto manufacturers continue to shed thousands of jobs. As this briefing underscores, those dealerships most likely to survive have desirable locations with modern facilities – and sound business plans to identify new revenue sources and reduce expenses.
Office Space Across the World 2009 compares office occupancy costs in 202 key locations in 57 countries around the world. This latest real estate research shows Hong Kong and Tokyo are now the world’s two most expensive office locations relegating London to third place.