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Global Capital MarketView (Q4 2011)

Pause in Growth


  • The CBRE Global Office Capital Value Index reached 90% of its prerecession peak in Q4 2011, rising to 142.3. While the gain was an improvement, the quarterly increase was about one-sixth of the average quarter-over-quarter growth experienced during the last eight quarters.
  • On a year-over-year basis the gain in the CBRE Global Office Capital Value index was a healthier 8.2%, demonstrating the strength of recovery in capital values that occurred throughout the first half of 2011 vs. the second half of the year.
  • The health of the capital markets is also seen in the strong volume of global transactions for 2011. Using a combined database of CBRE and Real Capital Analytics transactions, we estimate a total transaction volume of $411 billion of non-land development deals. This is not the kind of volume recorded in 2007 ($865 billion), but still represents a recovery in the transaction market compared to the last few years.
  • The Americas retained a 45% share of global transaction volume in 2011, while Asia Pacific’s share declined from 24% in 2010 to 15% in 2011. The decreased percentage in Asia Pacific transaction volume was more reflective of a pickup in activity in Europe and the U.S., than a regional decline.

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