Strong growth in investment-grade commercial real estate
According to Shanghai Daily, the value of investment-grade commercial real estate rose to US$3.9 trillion in Asia-Pacific last year, surpassing North America for the first time, an international property services provider said yesterday.
When measured in floating US dollar terms, the value marked a 13 percent annual increase, compared with 8 percent for Europe and no growth in North America, DTZ, which is now part of UGL Services, a division of UGL Ltd, said in its latest Money into Property 2012 Asia-Pacific report.
"As forecast, Asia-Pacific has overtaken North America to become the second-largest region globally with invested stock heading toward the US$4 trillion mark," said Hans Vrensen, global head of research at DTZ. "Despite an increase in invested stock, the total transaction volumes in Asia-Pacific last year were on par with 2010 levels."
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