JLL. Office snapshot Q3 2020
The global economy is experiencing a noticeable shock to growth in 2020 due to the coronavirus outbreak. In the summer months, the global outlook started to show timid and fluctuating signs of recovery. In September, as fresh lockdown measures are adopted to quell the rise in new infections, Eurozone PMI survey results show a reversed course as business faces an uncertain future. In Europe, trade is improving but there are signs of weakness in Asia. In USA, the economic activity is far
from pre Covid-19 levels although unemployment is compressing. The worsening of the health crisis, especially outside of Italy, and growing concerns related to the short-medium term prospects accentuate the risks on the recovery in the coming months.
2020 real estate market looks only partially affected by Covid-19. The impact of the pandemic became evident in some sectors and in the office leasing market. Investors strategies are focused on defensive
sectors. This will continue to benefit industrial, multifamily, data centres and other alternative assets. Capital available for deployment into real estate is still high. For corporate occupiers, the short-medium term future will continue to be unclear.