Global Office Market to Stabilize in 2013, by Cushman & Wakefield
According to the Cushman & Wakefield Global Office Forecast 2013-2014, the global office market will stabilize in 2013 with slow growth being the norm. While some regions will experience increased activity later in the year, noteworthy growth is not expected in the majority of locations until 2014 and beyond.
Key points include:
- Tenants across all industry sectors will continue to explore new workplace design concepts that enable them to decrease their occupancy footprints.
- The Americas will continue to be driven by the technology, energy and healthcare sectors. Markets heavily dependent on the government or financial sectors will witness continued restrained conditions through most of 2013.
- Canada should experience slow, steady improvement and gain momentum as 2013 progresses.
- The outlook for Europe is cautious optimism with steady growth returning later in 2013.
- Asia will continue along a solid path of growth. Kuala Lumpur, Ho Chi Minh and Guangzhou are either currently in, or at risk of, an oversupply situation with significant office completions through 2014.
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