HONG KONG—Continued uncertainty in Europe and weak US fundamentals have projected flat office growth throughout the two continents, with Asia and South America the only bright spots in 2012.
Office rent stagnation will be the trend for Europe, says Maria Sicola, executive managing director and head of Americas research for Cushman & Wakefield in San Francisco. Whereas rent growth is predicted to return to the US in 2013, that's not the case in Europe, she says. "The markets there are going to take longer to recover," Sicola says.
The clear global office market winner is the Asia Pacific, in large part because China's fundamentals have led the region, according to a recent 2012 CBRE Market Outlook. In fact, the one worry for these markets is the too-large construction pipeline, a concern not even on the radar in Europe or the US.
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