JLL. Global Real Estate Perspective – Highlights

Global office leasing volumes were 43% lower than a year earlier in Q4 2020, as momentum slowed due to rising restrictions in various parts of the world. Uncertainty and slow decision-making continued to inhibit activity within occupier markets. The retail and hospitality sectors faced ongoing headwinds with the re-imposition of restrictions, particularly evident in Europe, hampering any recovery. Meanwhile, the logistics sector goes from strength to strength with record demand reported in many markets in Q4.

Real estate capital markets saw a continued rebound in activity in the final quarter of 2020, with the pace of quarterly declines decelerating. Robust transaction volumes during Q4, which were down a moderate 21% year-on-year, helped push full-year volumes to US$762 billion. Western countries with sectoral diversity, scale and transparency led the recovery over the past three months, notably France, Germany and the United States. Investor interest gained momentum in gateway markets, particularly in Europe and Asia, as well as in growing talent hubs.

Key sector highlights:
Investment: Capital flows’ recovery continues to pick up pace
Offices: Momentum slows as restrictions hamper activity
Corporate occupiers: Planning for a post-pandemic state
Retail: A cautious recovery in leasing activity expected during 2021
Logistics: Record demand for logistics space as e-commerce surges
Hotels: Hotel markets eager to move forward after an unprecedented year
Living: Ongoing investor interest in defensive Living sectors

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