Although the impact of COVID is still being felt, many parts of the world are now moving towards living with the virus as opposed to operating with strict restrictions. This is flowing through to real estate markets with demand picking up in those sectors highly impacted by restrictions such as office, retail and hotels. Uncertainty however remains a key theme going forward as concerns remain around new variants, emerging geopolitical issues and elevated inflation.

In the office market net absorption was positive across all the regions in Q4 2021 for the first time since the onset of the pandemic, with corporates maintaining their focus on high-quality space. Demand for logistics space continued unabated with rental growth accelerating strongly. Recovery in the retail and hotel sectors remains market and sub-sector specific. Overall, forward looking indicators point to an ongoing improvement in occupier activity with demand broadening across the sectors.