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Commercial & Industrial Property News Update
Asia Pacific - Top Asian Cities Lead Property Development, Retail Market
October 11, 2012
Shanghai and Hong Kong have been highlighted for their leading role among the world's top 25 cities, which are garnering higher demand and more stable prices.
The global real estate market may be experiencing volatile sentiment and activity, but the world's major cities are seeing higher demand for properties and more stable prices. This was revealed by Cushman & Wakefield in its Winning In Growth Cities 2012/2013 report.
A survey of the world's top 25 cities found that investment volumes (excluding development sites) increased by 5.9% on average, compared to the 0.8% increase recorded for the global market. This meant that the top cities increased their market share from 53% to 56% over the first half of the year.
New York remained the biggest investment market for the second year running. Investment volume in the American city jumped by 18.9% to USD 34.7 billion. This was 18% higher than second-place London, which recorded growth of 3.8%.
However, London retained its status as the largest global office, hotel and cross-border investment market, and outstripped Paris with a 92% lead.
New York remained the most popular multi-family investment market, while Los Angeles is tops for industrial investment.
The report also highlighted Asian cities for their strong performance. Cushman & Wakefield said that Shanghai is the top market for development sites, while Hong Kong retained its leading status for retail investment.
"True global cities have gone from strenth to strength in the past year, and the investment hierarchy is now well defined," said Glenn Rufrano, C&W’s President & Global CEO.
"However, the top targets are really 'safety first' choices and will be challenged when recovery comes. In our opinion the hierarchy will in fact expand as cities mature, higher quality property is developed in emerging locations and crucially, as occupiers lead the way into new markets."
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