Research from global capital markets experts, Jones Lang LaSalle, has found that preliminary global direct commercial real estate investment volumes for the second quarter of 2010 are nearly double that of the same quarter last year.
In actual fact the finding for the second quarter is very similar to that of the first quarter of 2010, giving a total of global direct commercial real estate investment volume of US$130 billion for the first half of 2010. The research for this period also shows that there has been a strong increase of 39% over the same period last year for the Asia Pacific region.
Although these levels are very healthy, they are still well down on the pre-credit crisis levels. The expectation is that for the full 2010 year the level will reach US$300 billion, but that figure is still less than half the pre-credit crisis levels of 2006 and 2007 when unprecedented figures were being reached.
Australian figures are showing that the first half of 2010 represented 60% of the total figure for 2009.
Mr Conry, JLL Australia CEO, says that “….the long-term recovery story for Australia’s commercial office market remains so far unaffected by overseas events.” Although he does concede that the global market volatility is being watched closely by investors.