01.03.10
CBRE prepared a Comparative Analysis of Office Markets in 4 International Financial Centers (New York, London, Hong Kong and Tokyo).The markets in New York and London were hit harder and more directly by the global banking crisis than the two Asian cities. In Hong Kong and Tokyo, the ensuing global recession, with sharply falling production and trade, caused the most damage to occupier demand.
Occupier market trends became more synchronized by 2009 - all four IFCs hit a low point in office leasing activity in Q1 2009 and saw a common subsequent improvement in take-up and signs of rental stabilization by Q3 2009.
In comparison with Tokyo that has remained heavily reliant on domestic investors, London witnessed strong demand from a diverse range of overseas investors for prime quality assets made more attractive by a lower exchange rate.
