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Global Outlook Brightens a Bit

NEW YORK CITY-Regional economies are getting back into growth mode, but the pace and strength of the recovery isn't clear yet, Cushman & Wakefield says.

By Paul Bubny | Updated on February 05, 2010

NEW YORK CITY-The economic tide has turned both globally and in regional economies around the world, with positive implications for commercial real estate, Cushman & Wakefield says in a series of yearly reports focusing on the Americas, Europe and Asia-Pacific. However, for the US as well as other regions, the speed and robustness of the recovery are not yet clear.

“There’s a general sense that conditions in the regional economies are beginning to improve and that the worst is clearly behind us,” Ken McCarthy, managing director of research at C&W, tells GlobeSt.com. “All over the world, there’s a clear sign that economic decline has ended and economic expansion has returned. The pace, strength and durability of that expansion is what we’re hoping to be able to understand better this coming year.” The reports note that in some markets, notably the US, uncertainty about high unemployment, fragile recovery conditions and credit availability cloud the forecast.

For the commercial sector in the US, the improving economic picture should lead to “a lessening of the pressure” in 2010, according to C&W’s report. However, the report states, “full recovery, on a national basis, will be delayed, as it always is due to the long-term nature of the transactions in the industry.”

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