CBRE Report: Slowdown Tightens Global Grip
Commercial Property News reports: Economic pain is spreading to a growing number of commercial real estate markets around the world, concludes a new assessment by CB Richard Ellis Inc. The report’s title, “The Quarter the Global Economy Stalled,” suggests that the end of 2008 was a turning point.
The authors contend that the slowdown is rapidly filtering through leasing and investment sales in a wide range of property types. CBRE’s office rent index for European Union nations dropped 2 percent. Rents declined significantly in London, Madrid, Paris, Frankfurt and some Scandinavian markets. CBRE also cited estimates by Real Capital Analytics Inc. that investment sales volume dropped by about half in Western Europe last year. A projected 1 percent to 3 percent slide in GDP this year will most likely further weaken conditions in the Western Europe.
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Posted by: Nina Turner