The recovery is here and is likely to gain momentum as 2011 progresses. The entire region will benefit from stronger growth in the US, but all the major countries in the America's will be in full-fledged economic expansion mode. Healthy employment growth will contribute to declining vacancy in most markets, on average, and lead to a turn up in asking rents in the next 12 to 18 months. We are already seeing this trend take place in some markets.
Asia Pacific is expected to outpace the world economy once again in 2011. Domestic demand will remain strong, with sustained improvements in hiring and incomes. China and India will be the region's star performers. Hong Kong and Singapore will remain the tightest office markets, while pockets of temporary weakness may appear in Shanghai and Mumbai due to the influx of new supply. Better office fundamentals will continue to spur investment activity particularly in the region's financial centers – Hong Kong, Singapore, Shanghai, Tokyo and Sydney.
The global recession had disparate and unexpected impacts across the Americas. Many cities were severely impacted, especially those with high concentrations of jobs in the manufacturing and housing sectors. Still, there were lots of positive surprises.
Listen to Ken McCarthy, Managing Director, US Research Services discuss the report.
The global recession had disparate and unexpected impacts across the Americas. Many cities were severely impacted, especially those with high concentrations of jobs in the manufacturing and housing sectors. Still, there were lots of positive surprises.
As recovery rapidly takes hold in Asia Pacific, Indonesia, Vietnam and Philippines are emerging as economic champions among businesses seeking new or secondary locations in the region.
We are now seeing signs of increasing activity from both occupiers and investors in the European property market, with growth rates varying significantly among countries
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We are now seeing signs of increasing activity from both occupiers and investors in the European property market, with growth rates varying significantly among countries.
The US economic recovery has begun. Cushman & Wakefield expects the recovery to be robust with substantial job growth in 2010.
While it will be several years before the US economy regains all the jobs lost in the 2008-09, C&W is optimistic that the expansion will be healthy and sustainable.
By Ken McCarthy, Managing Director, US Research Services
A mix of relatively attractive pricing, improving confidence, low interest rates, along with the search for productivity gains or new market-share should lead to opportunities for focused and well-funded businesses. For occupiers and investors, 2010 should see greater confidence leading to more activity.
By David Hutchings, Partner, Head of the European Research Group