Transaction value of commercial real estate across Asia Pacific in the second quarter of this year decreased by over US$2 billion or 10 per cent from the Q1 2008 level, according to an investment brief from property consulting group DTZ issued on Monday
'Transactional values are significantly down from the levels seen during 2007, with almost a US$15 billion or 43 per cent decline from the peak in Q3 2007.
'Despite these declines in transactional values, activity is still well above the long-term average for the region. It is expected to remain so through 2008 as investors remain committed to increasing their exposure to Asia Pacific,' the report said.
As the global economic outlook remains uncertain, DTZ expects transactional activity to remain subdued. 'However, we are unlikely to see the significant decline in activity or values that have been seen in other markets around the world most particularly in the US and UK, although there could be isolated incidents within Asia Pacific,' DTZ added.
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