Talk of green shoots may be premature. While skepticism is still healthy, we cannot ignore the evidence that a new phase of the cycle is starting for much of Europe, particularly in the West.
For more insight, LISTEN to David Hutchings' podcast.
Large Asian economies have continued to grow through one of the worst global recessions; nonetheless office markets will take time to absorb the supply coming on stream given the weaker rate of tenant demand.
For more insight, LISTEN to Megan Walters' podcast.
The best that can be said about the current environment is that it won’t get any worse, and is more likely to show improvement sometime in late 2009. For the Americas’ real estate markets, which tend to lag economic performance, this means a recovery is likely in 2010.
For more insight, LISTEN to Ken McCarthy’s podcast.
"US Commercial Real Estate Recession:
Global Perspectives and Path to Recovery"
Our Capital Markets Group professionals address global real estate fundamentals and repricing in an opaque market with few trades in the US, Europe and Asia and forecast the road to recovery and drivers that need to be in place for a sustainable recovery to occur.
Webcast Speakers and Panelists include:
Frank Liantonio - Executive Vice President, Capital Markets Group
Keith Misner - Executive Managing Director, Capital Markets Group
Roger Cooke - CEO Spain & Chairman EMEA
Donald Han - Managing Director, Singapore & Head of C&W Regional Investment Group - Asia Pacific
David Hutchings - Head of European Research
Andrew Thomas - Partner, Investment - Central London
Janice Stanton - Senior Managing Director, Capital Markets Group
Megan Walters - Chief Economist Research & Business Analytics, Asia Pacific
Economic Pulse Debrief: Ken McCarthy, Managing Director, US Research Services, offers further insight on the economy and its impact on commercial real estate in the Americas.
Economic Pulse Debrief: Megan Walters, Chief Economist, Asia Pacific, offers further insight on the economy and its impact on commercial real estate in Asia Pacific.
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.
Economic Pulse Debrief: David Hutchings, Head of European Research Group, offers further insight on the economy and its impact on commercial real estate in Europe.
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.