A recent report from CB Richard Ellis (CBRE) has claimed that Asia will be the world leader in terms of office construction
as we head into 2011. As firms gradually shift away from taking up new space in Europe and North America, activity in Asia is expected rise significantly.
However, the property consultant forecasts that this burst of new office builds will likely slow in 2012.
But before that, the Asia region will contribute two-thirds of world office completions - a considerably larger number than in Western Europe (23.6 per cent), North America (7.9 per cent) and the Pacific (3.6 per cent) regions, CBRE said.
Richard Holberton, director of EMEA Research at CBRE, said that London is currently the only major Western European market where interest in development could produce a revival in new construction activity in 2011.
"A key influence on the pace of activity will also be the availability of finance," he added. "Elsewhere in the region, there are isolated examples of renewed interest in development, but these mostly reflect building-specific circumstances rather than a general pick-up in market momentum."
- Friday 17 December 2010