CB Richard Ellis has released its latest Global Office MarketView report examining the state of the office property market and featuring snapshots for each global region. According to the report, while commercial real estate and the global economy are recovering from the financial crisis, both are "doing so at a disjointed pace, with some regions and property types healing faster than others". CBRE forecasts that nearly 55 million square feet of new office developments will take place in Asia, or 62% of the global total.
"The decline in demand is over for most markets, but vacancy rates remain elevated and will impede the near-term performance of rental rates," said Dr. Raymond Torto, CBRE's Global Chief Economist. "Job growth also has a long path toward improvement in both the U.S. and European markets, albeit not Asia ex Japan, and will continue to slow the recovery of the global office market."
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