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Positive Sentiment Translates Into Increased Investment Volumes Across Asia Pacific according to DTZ

1st October 2009
By www.dtz.com

Total commercial real estate investment transactions reached an estimated US$17.1 billion in Q3 2009, just over 50% higher than in Q2 2009. The increase marks the third quarter-on-quarter rise from the markets low point in Q4 2008, when volumes fell to just US$4.3 billion, revealed global real estate advisor, DTZ, in its latest investment volume research figures for Asia Pacific, published today.

Commenting on the figures, David Green-Morgan, Head of Asia Pacific Research at DTZ, said: “We have seen a rapid turnaround in both sentiment and transactional activity as more favourable economic conditions provide support to the investment market. A number of domestic investors have returned to the market seeking to benefit from the current favourable pricing.”

Volumes in USD terms increased in most of the major markets over the quarter, notably in China, Australia, Hong Kong and Singapore albeit off relatively low levels. Only Japan reported a drop-off in activity although this followed a strong Q2, which saw one deal in excess of $US1.2 billion.

Said David Green-Morgan: “Activity across the region continues to be driven by mainly private domestic purchasers, although a growing interest from the institutions is emerging. With debt markets only showing gradual signs of loosening the majority of activity is centred towards lower lots (sub US$100 million).”

The time of real distress is beginning to pass with a stabilisation in pricing, particularly towards the prime end of the market. Investors remain averse to more secondary assets where re-pricing is continuing. As sentiment turns positive, a number of vendors are pulling product from the market as the need to sell recedes, which is likely to keep a lid on activity in coming quarters, DTZ concludes.